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PRINCIPLES OF MICROECONOMICS
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ECO 365 Entire Course Link
https://uopcourse.com/category/eco-365/
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Labor productivity increases.
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The cost of capital (a substitute for labor) decreases.
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The price of earrings increases.
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The wage rate increases.
Marginal product is
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Multiple Choice
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the output of the least skilled worker.
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the amount an additional worker adds to the firm's total
output.
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the amount any given worker contributes to the firm's
total revenue.
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a worker's output multiplied by the price at which each
unit can be sold.
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A decrease in people’s income decreases the demand for
solar panels.
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A solar panel company shuts down in another town and
solar panel installers try to find jobs in Billy’s town.
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Wages of solar panel installers increase in another town
and attract workers away from Billy’s town.
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An increase in the demand for solar panels raises the
price of each installation.
An inclusive union
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Multiple Choice
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organizes a wide range of workers in an industry to gain
bargaining power.
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is most effective in a purely competitive industry.
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restricts supply of labor through licensing requirements.
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is most concerned with increasing the demand for
workers in an industry.
It shows a firm that buys its inputs and sells its output in
competitive markets. If the firm develops a new
technology that increases labor productivity, the
equilibrium level of employment for this firm is expected
to be
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Multiple Choice
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lower than L0.
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L0.
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zero.
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higher than L0.
The individual firm that hires labor under competitive
conditions faces a labor supply curve that
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Multiple Choice
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is horizontal, because individual firms have no control
over wages.
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slopes upward to the right.
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is vertical, because workers need a job at any wage.
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slopes downward to the right.
In a purely competitive labor market, a profit-
maximizing firm will hire labor up to the point where the
marginal revenue product of labor equals the
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Multiple Choice
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marginal cost of one extra unit of output.
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price of the product.
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average cost of each unit of output.
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wage rate, or the price of labor.
For each of the following scenarios, determine which
benefit of international trade applies: lower-priced goods,
increased variety of products, or access to scarce
resources.
A tariff is a
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Multiple Choice
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quantity limit.
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tax.
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price ceiling.
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subsidy.
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Marginal utility is the sum of total utility.
The table below presents four supply curves for the same
product at four different time horizons.
Supply in Four Time Horizons
Price (dollars) Quantity Supplied in Horizon AQuantity
Supplied in Horizon B Quantity Supplied in Horizon C
Quantity Supplied in Horizon D
$100 100 25 46 62.5
80 75 25 39 50.0
60 50 25 32 37.5
40 25 25 25 25.0
20 0 25 18 12.5
0 0 25 11 0.0