Please I need assistance Factor Markets: With Emphasis on the Labor Market Grade

Question

Please I need assistance

Factor Markets: With Emphasis on the Labor Market Graded Assignment l Back to Assignment Due Sunday 03.16.14 at 08:00 PM Aa Aa 15. Labor markets and information The marginal productivity theory states that if a firm operates in a perfectly competitive factor market, it pays each factor of production its marginal revenue product. However, this theory may fail to hold if factor markets are not competitive One means by which factor markets may fail to be competitive is if there is imperfect information. Which of the following are ways in which firms seek to overcome information problems? Check all that apply. O Only hiring workers who have earned good grades in college O Always hiring from the outside to avoid being accused of discrimination O Promoting workers from within the company who have shown th to be productive, rather than hiring emselves from outside

Explanation / Answer

15.

In order to avoid imperfect information problems, the firm can do the following:

This will give signals to the employer regarding the employee’s efficiency and productivity.

16.

A wage of $18 maximizes the total wage bill.

A wage rate of $9 ensures employment for all 300 members of the union.

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.