08 Jun Question Quiz 11 18. In the resource market, the demand for labor is a(n) _____.
Question
Quiz 11
18. In the resource market, the demand for labor is a(n) _____.
a. ?complementary demand
b. ?substitution demand
c. ?marginal demand
d. ?income demand
e. ?derived demand
25. A temporary price differential in resource markets is:
a. ?caused by a failure of firms to maximize profits.
b. ?caused by governments increasing the minimum wages of workers.
c. ?eliminated by resources moving from lower-valued to higher-valued uses.
d. ?eliminated when resources earn an excess of their opportunity costs.
e. ?caused by inherent differences in nonmonetary aspects of a job
27. If the market wage is below the marginal revenue product of labor, then:
a. ?a profit-maximizing firm will employ fewer workers.
b. ?there is a decrease in the demand for labor.
c. ?a profit-maximizing firm will employ more workers.
d. ?the opportunity cost of leisure increases.
e. ?there is an increase in the demand for labor.
30. The following table shows the product price of a perfectly competitive firm and the output produced by the firm. From the table, it can be said that the marginal product of the third machine is _____.
?
Table 11.1
?
Machines Output Product Price $
?
0 0 3
1 7 3
2 12 3
3 15 3
4 17 3
5 18 3
a. ?$2
b. ?$3
c. ?3 units
d. ?15 units
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