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Microeconomics - Factor Markets Flashcards | StudBud
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Microeconomics - Factor Markets
Microeconomics - Factor Markets
20 terms
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Microeconomics - Factor Market unit (plus some cumulative topics)
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
________ refersto the equipment and structures used to produce goods and services.
Labor
R2D2
Firms
Capital
2
If the price of a substitute falls AND the Output Effect >Substitution Effect, Labor Demand...
Ceases to Exist
Decreases
Stays the Same
Increases
3
One firm that is the only employer of a factor of production is a...
Monopsonist
Monopoly
Oligopoly
Perfectly Competitive Firm
4
Which area represents the total surplus lost due to monopoly pricing
BGE
BDE
ACDB
CFGD
5
A single number that summarizes a country’s level of income inequality
Discriminatory Determinant
Gungan Coefficient
Poverty Rate
Gini Coefficient
6
Where will this Monopsonist establish the wages to it's employees?
Not enough information
W c
A
W e
7
For factor markets, MRPL stands for:
Marginal Revenue of the Production of Labor
Marginal Revenue of Profit Labor
Maximum Revenue for the Production of Labor
Market Revenue for the Producing of Land
8
A profit maximizing monopoly's total revenue is equal to
P2 x Q4
P3 x Q2
(P3 - P0) x Q2
(P3 - P0) x Q4
9
The marginal cost curve for a monopoly is depicted by curve...
A
D
B
C
10
The demand for a factor of production is a...
Copied Demand
Backwards Bent Demand
Marginal Demand
Derived Demand
11
How many factors of production can be seen in this photo
1
4
3
2
12
Which of the following is NOT a factor of production?
Capital
Entrepreneurship
Labor
Trust Firms
13
The cost of producing the typical unit of output is the firm's
Marginal Cost
Variable Cost
Average Total Cost
Opportunity Cost
14
Higher Education is a form of
Labor Detractor
Labor
Price Determinant
Human Capital
15
Firm who can supply a product to an entire market at a lower cost than could 2 or more firms,
natural monopoly
government monopoly
exclusive industry
resource industry
16
Which of the following is a factor in the production of YOUR education?
Mr. Held
The Force
Homecoming
Trivia Crack
17
Because many substitutes exist for a competitive firm's product, the demand cure that it has is
Perfect Elastic
Perfectly Inelastic
Inelastic only over a certain region
Unit-Elastic
18
Which of the following markets is not likely characterized by a monopolistic competitive market
The market for clothing
The market for piano lessons
The market for cookies
The market for corn
19
Difference in wages that arises from nonmonetary characteristics of different jobs is...
VMPL
Marginal Revenue
Derived Demand
Compensating Differential
20
The substitution effect always involves a change in consumption in the ___ direction of the ___
opposite; income
opposite; price
same; budget
opposite; budget
