If a large number of nurses enter the labor market, what will happen in the market for nurses?

supply of nurses will shift right, and decrease the wage

The demand for labor is derived from

demand for the good/service it's producing

Why is the monopsonist's MFC curve above the supply curve?

they must raise wage for all workers

The demand curve for firms in perfectly competitive labor and product markets will be

Labor: downward sloping; Product: horizontal

MP of labor is 30, MP of capital is 90. Wage rate: $1000, Rental rate: $3000. Firm should...

Make no change to labor or capital

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AP Micro Section 13: Factor Markets

14 termsStudBud Administration264 plays

Factors of production, factor demand, S & D for factors, MRP, MFC, Economic Rent, Perfectly and imperfectly competitive labor markets, monopsony, cost-minimizing input combinations, cost-minimizing rule, Income distribution

Flashcards14 cardsFPractice quizPHost liveL

Questions 14

Answers

1
If output sells for $20, and the wage is $100 per worker, how many workers should be hired?
4
6
2
1
2
If a large number of nurses enter the labor market, what will happen in the market for nurses?
demand for nurses will shift right, and increase wage
supply of nurses will shift right, and increase the wage
supply of nurses will shift right, and decrease the wage
demand for nurses will shift left, and increase wage
3
If output sells for $20, the MRP of the fifth worker is...
$2
$115
$40
$100
4
MFC in perfectly competitive labor markets
wage rate
rental rate
ATC
fixed cost + variable cost
5
A firm's demand for labor is equal to...
Marginal Factor Cost
Marginal Revenue Product
Average Revenue Cost
Equilibrium Wage
6
For a perfectly competitive labor market, the market's supply curve for labor will be
Downward Sloping
Perfectly Inelastic
Upward Sloping
Perfectly Elastic
7
If a firm adopts a new technology, making its employees more efficient, which will happen?
MRP will decrease
MRP will increase
MFC will increase
MFC will decrease
8
To determine the profit maximizing number of inputs
Wage=Price
P=MC
MRP=MFC
P>AVC
9
The demand for labor is derived from
wage rate
it's prodcutivity
the minimum wage
demand for the good/service it's producing
10
What wage and quantity combination does this firm choose to maximize its profits?
W2 and Q4
W1 and Q1
W3 and Q3
W1 and Q3
11
Why is the monopsonist's MFC curve above the supply curve?
product price is = to demand
they must cut costs to hire more employees
costs increase as supply increases
they must raise wage for all workers
12
The demand curve for firms in perfectly competitive labor and product markets will be
Labor: horizontal; Product: horizontal
Labor: downward sloping; Product: horizontal
Labor: downward sloping; Product: downward sloping
Labor: horizontal; Product: downward sloping
13
For a perfectly competitive labor market, the firm's supply curve for labor will be
Perfectly Elastic
Perfectly Inelastic
Upward sloping
Downward sloping
14
MP of labor is 30, MP of capital is 90. Wage rate: $1000, Rental rate: $3000. Firm should...
Hire more capital, and less labor
Hire more of both capital and labor
Hire more labor, and less capital
Make no change to labor or capital

AP Micro Section 13: Factor Markets Flashcards | StudBud

AP Micro Section 13: Factor Markets

14 termsStudBud Administration264 plays

Flashcards14 cardsFPractice quizPHost liveL

Questions 14

Answers

1
If output sells for $20, and the wage is $100 per worker, how many workers should be hired?
4
6
2
1
2
If a large number of nurses enter the labor market, what will happen in the market for nurses?
demand for nurses will shift right, and increase wage
supply of nurses will shift right, and increase the wage
supply of nurses will shift right, and decrease the wage
demand for nurses will shift left, and increase wage
3
If output sells for $20, the MRP of the fifth worker is...
$2
$115
$40
$100
4
MFC in perfectly competitive labor markets
wage rate
rental rate
ATC
fixed cost + variable cost
5
A firm's demand for labor is equal to...
Marginal Factor Cost
Marginal Revenue Product
Average Revenue Cost
Equilibrium Wage
6
For a perfectly competitive labor market, the market's supply curve for labor will be
Downward Sloping
Perfectly Inelastic
Upward Sloping
Perfectly Elastic
7
If a firm adopts a new technology, making its employees more efficient, which will happen?
MRP will decrease
MRP will increase
MFC will increase
MFC will decrease
8
To determine the profit maximizing number of inputs
Wage=Price
P=MC
MRP=MFC
P>AVC
9
The demand for labor is derived from
wage rate
it's prodcutivity
the minimum wage
demand for the good/service it's producing
10
What wage and quantity combination does this firm choose to maximize its profits?
W2 and Q4
W1 and Q1
W3 and Q3
W1 and Q3
11
Why is the monopsonist's MFC curve above the supply curve?
product price is = to demand
they must cut costs to hire more employees
costs increase as supply increases
they must raise wage for all workers
12
The demand curve for firms in perfectly competitive labor and product markets will be
Labor: horizontal; Product: horizontal
Labor: downward sloping; Product: horizontal
Labor: downward sloping; Product: downward sloping
Labor: horizontal; Product: downward sloping
13
For a perfectly competitive labor market, the firm's supply curve for labor will be
Perfectly Elastic
Perfectly Inelastic
Upward sloping
Downward sloping
14
MP of labor is 30, MP of capital is 90. Wage rate: $1000, Rental rate: $3000. Firm should...
Hire more capital, and less labor
Hire more of both capital and labor
Hire more labor, and less capital
Make no change to labor or capital