All but which of the following would result in a shift of labour demand to the left

A decrease in the number of available workers

Supply of labour will be MOST elastic when

The training period for an occupation is short

In a perfectly competitive labour market -

They are many buyers and sellers of labour

Marginal revenue product is calculated as -

Marginal physical product X selling price

Demand for labour is likely to be inelastic when -

Demand for the product produced is inelastic

The formula for unit labour costs is -

Total labour costs divided by total output

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The Labour Market

10 termsStudBud Administration204 plays

Revision of some key concepts

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Questions 10

Answers

1
Demand for labour is equal to
Marginal utility
Marginal physical product
Supply of labour
Marginal revenue product
2
All but which of the following would result in a shift of labour demand to the left
A decrease in labour productivity
A decrease in demand for the product being produced
A decrease in the number of available workers
A decrease in the selling price of the good being produced
3
Supply of labour will be MOST elastic when
The job requires specialist skills
The minimum wage is high
The training period for an occupation is short
There are few available workers
4
In a perfectly competitive labour market -
They are many buyers and sellers of labour
There are few buyers of labour
Trade unions exist
They are few sellers of labour
5
Marginal revenue product is calculated as -
Marginal physical product X selling price
Marginal costs X marginal physical product
Marginal physical product X wage rate
Marginal costs X marginal revenue
6
Supply of labour within a labour market may decrease except when there is
A decrease in productivity
A tightening of immigration policy
A decrease in the number of school leavers
An increase in wages within an alternative occupation
7
Demand for labour is likely to be inelastic when -
Demand for the product produced is elastic
Labour can be readily replaced with capital
Demand for the product produced is inelastic
There are few available workers
8
workers may be paid relatively high wage rates when -
The size of the labour market is large
There is a monopsonist buyer of labour
There are no trade unions
They possess specialist skills
9
An increase in the size of the labour market will generally cause . . .
An increase in wage rates
A shift in demand for labour
An increase in selling prices
A decrease in wage rates
10
The formula for unit labour costs is -
Total labour costs X total output
Total output X total labour costs
Total output divided by total labour costs
Total labour costs divided by total output

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