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31 Oct 2020

10. For a firm in an imperfectly competitive labor market, marginal revenue product =

a. MPL x MR 

b. MPL x Price

c.  MPL x AR 

d. none of the above

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Microeconomics
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Understanding the Labor Markets
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Raushan Raj
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31 Oct 2020

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Related questions

1) The supply curve of a perfectly competitive firm is

a) Its entire MC curve

b) The upward-sloping portion of its MC Curve

c) It's MC Curve above shutdown point

d) Its MR Curve

2. The Long Run supply curve in a constant cost industry is

a) Upward sloping and linear

b) Downward sloping and linear

c) Horizontal and linear

d) Concave upwards

3. The curve which shows different combinations of inputs that yield the same level of output, is called

a) An isoquant

b) An isocost curve

c) Production function

d) Production possibility curve

4. When labor used is 12 units and output is 36, then

a) The marginal product of labor is 3

b) The total product of labor is 1/3

c) The average product of labor is 3

d) None of the above

5. Say the average product of 6 workers is 15. If the marginal product of the 7th worker is 18, then

a) Marginal product is falling

b) Marginal product is constant

c) Average product is rising

d) Average product is falling

6. Which one of the following statements is TRUE?

a) APL cuts the MPL curve from above

b) MPL cuts the APL curve from above, at the maximum point of the APL curve

c) Average and marginal product do not intersect

d) APL cuts the MPL curve from below.

7. The MRTS is equal to the

a) The slope of the total product curve

b) Change in output divided by the change in labor

c) Change in output minus the size of capita

d) Ratio of the marginal products of the inputs

1. A firm's supply curve for labor: A) is vertical for a firm in perfect competition. B) is the same thing as the MRPL for a firm in perfect competition. C) and the firm's MRPL will determine the profit-maximizing quantity of labor hired by the firm in perfect competition. D) is the same as its demand curve for labor. 2. The wage paid by a firm buying labor in a perfectly competitive market: A) is greater than the market wage. B) is less than the market wage. C) is equal to the market wage. D) increases with the quantity of labor hired. 3. A lower wage: A) has an income effect but not a substitution effect on the quantity of labor supplied. B) means a higher income for any given level of labor supplied. C) has an income effect which is always negative with respect to the quantity of labor supplied. D) has an income effect which is always positive with respect to the quantity of labor supplied. 4. In perfect competition where P is the price of output: A) MRPL = MPL x P. B) MRPL/MPL = PL. C) MRP/P = MPK. D) MRPL x P = MPL. 5. The net present value (NPV) of an activity or project is: A) equal to the future value of all the revenues minus the present value of all the costs associated with it. B) equal to the present value of all the revenues minus the present values of all the costs associated with it. C) equal to the present value of all the revenues minus the future values of all the costs associated with it. D) equal to the future values of all the revenues minus the future values of all the costs associated with it. 6. The condition for hiring factors of production- that is, where MFC = MRP- is analogous to the profit-maximizing output condition: A) TR = TC. B) MR = MC. C) AR = ATC. D) P = MR. 7. A firm should use less of a factor of production if: A) MRP > MFC. B) MRP = MFC C) (MR x MP) < MFC D) MRP < (MP x MR)
Consider the various short-run cost curves.
(a) why is the total variable cost curve TVC shaped the way it is? In explaining, go back to the most basic assumptions about what happens when a firm produces output in the short run.
(b) When marginal cost MC is at its minimum value, what can we say about the nature of the marginal product of labor (MPL) curve(I.E., is it upward sloping or downward-sloping)? What is the logical basis for your conclusion?
(c) When average variable cost AVC is at its minimum value, what can we say about the nature of the marginal product of labor (MPL) curve (I.E., is it upward sloping or downward-sloping)? What is the logical basis for your conclusion?
(d) Suppose that, for a particular type of firm, the MPL is not diminishing, but it's also not increasing. What does the MCcurvefor this firm look like? Why might it make sense to think of the firm's capital being, say, a computer network, that multiple workers can use at the same time without slowing down the network?

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