08 Jun Question Quiz 11 4. If a firm hires a resource in a per
Question
Quiz 11
4. If a firm hires a resource in a perfectly competitive resource market, then:
a. ?the firm has some power in the product market.
b. ?the firm faces a horizontal marginal resource cost curve.
c. ?the firm is a price taker in the product market.
d. ?the firm faces a downward-sloping marginal resource cost curve.
e. ?the firm faces an upward-sloping marginal resource cost curve.
5. Corn is a major ingredient in tacos. If the demand for tacos increases, _____.
a. ?the supply of corn decreases
b. ?the supply of corn increases
c. ?the demand for corn decreases
d. ?the demand for corn increases
e. ?the price of corn falls
7. A firm sells staples in a perfectly competitive market and hires workers from a perfectly competitive labor market. Which of the following is true?
a. ?The firm’s marginal cost is decreasing.
b. ?The firm’s demand curve for labor is horizontal.
c. ?The supply curve of workers is horizontal.
d. ?The marginal product of labor curve is horizontal.
e. ?The supply curve of staples is horizontal.
10. A firm sells staples in a perfectly competitive market and hires workers from a perfectly competitive labor market. Which of the following is true?
a. ?The firm’s marginal cost is decreasing.
b. ?The firm’s demand curve for labor is horizontal.
c. ?The supply curve of workers is horizontal.
d. ?The marginal product of labor curve is horizontal.
e. ?The supply curve of staples is horizontal.
11. The difference between the average earnings of eye surgeons and those of janitors is:
a. ?an example of a permanent differential caused by differences in nonmonetary aspects of the job.
b. ?an example of a temporary differential caused by a lack of resource mobility.
c. ?a temporary difference that will be eliminated through the reallocation of resources to different uses.
d. ?an example of a permanent differential caused by differences in the time and money involved in developing the necessary skills.
e. ?an example of a permanent differential caused by a difference in the inherent quality of the resource.
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