For a perfectly competitive firm, the value of the marginal product of labor fal

Question

For a perfectly competitive firm, the value of the marginal product of labor falls as more workers are hired because of the diminishing
Question 1 options:
1)
output price.
2)
marginal physical product of labor.
3)
price of labor.
4)
marginal cost of production.
Question 2 (2 points)
Question 2 Unsaved
Derived demand means
Question 2 options:
1)
the labor demand curve will be upward sloping.
2)
labor demand is derived from demand for the product it produces.
3)
labor demand will shift about in a random fashion.
4)
labor demand is determined by the supply of labor.
Question 3 (2 points)
Question 3 Saved
The marginal physical product of labor is the
Question 3 options:
1)
total output divided by the number of labor employed.
2)
wage that must be paid to labor.
3)
value of sales divided by additional labor used.
4)
change in output generated by a unit change in labor.
Question 4 (2 points)
Question 4 Unsaved
A firm's marginal factor cost describes
Question 4 options:
1)
the increase in the firm's total revenue as one more unit of output is sold.
2)
the change in total fixed cost that results from hiring one more unit of input.
3)
the change in total variable cost that results from the production of an extra unit of output.
4)
the change in total cost that results from using one more unit of an input.
Question 5 (2 points)
Question 5 Unsaved
The increase in output that results when one more unit of a variable input is hired is called
Question 5 options:
1)
total physical product.
2)
marginal physical product.
3)
average physical product.
4)
marginal revenue.
Question 6 (2 points)
Question 6 Unsaved
The marginal revenue product gives
Question 6 options:
1)
the change in total product for an additional unit of a variable input.
2)
the amount that other inputs must increase by when labor increase by one unit.
3)
the additions to total cost when an additional unit of a variable input is hired.
4)
the additional revenue obtained when an additional unit of a variable input is hired.
Question 7 (2 points)
Question 7 Unsaved
An increase in labor productivity will shift
Question 7 options:
1)
MRP curve to the left.
2)
MRP curve to the left.
3)
MRP curve to the right.
4)
MFC curve to the left.
Question 8 (2 points)
Question 8 Unsaved
The market demand for labor will be
Question 8 options:
1)
insensitive to the wage rate in the short run.
2)
downward sloping.
3)
the inverse of the market demand for output.
4)
perfectly inelastic.
Question 9 (2 points)
Question 9 Unsaved
The earliest unions in the United States were
Question 9 options:
1)
industrial unions.
2)
craft unions.
3)
public-sector unions.
4)
military unions.
Question 10 (2 points)
Question 10 Unsaved
Which of the following correctly describes the trend in U.S. union membership?
Question 10 options:
1)
Union membership has been decreasing steadily since the 1930s.
2)
Union membership decreased from 1930 - 1960, but has been increasing steadily since.
3)
Union membership peaked in the 1960s and has been decreasing steadily since.
4)
Union membership declined until the 1980s, but has been increasing steadily since.
Question 11 (2 points)
Question 11 Unsaved
Which of the following is the largest union in the United States?
Question 11 options:
1)
International Brotherhood of Teamsters
2)
International Brotherhood of Electrical Workers
3)
National Education Association
4)
American Federation of State, County, and Municipal Employees
Question 12 (2 points)
Question 12 Unsaved
The United Auto Workers is an example of
Question 12 options:
1)
a public-sector union.
2)
a craft union.
3)
an industrial union.
4)
a socialist union.
Question 13 (2 points)
Question 13 Unsaved
The United Steel Workers Union is an example of
Question 13 options:
1)
a craft union.
2)
an auto union.
3)
an industrial union.
4)
a blue collar union.
Question 14 (2 points)
Question 14 Unsaved
If a firm is a union shop, then
Question 14 options:
1)
a worker may elect to either join or not join the union.
2)
only workers who have been union members for two years may be employed.
3)
only union members may be employed by the firm.
4)
a non-union worker may be hired but must join the union within a certain time period.
Question 15 (2 points)
Question 15 Unsaved
The type of labor agreement that requires workers to be union members prior to being considered for employment is a
Question 15 options:
1)
right-to-work agreement.
2)
closed-shop agreement.
3)
union shop agreement.
4)
open-shop agreement.

Explanation / Answer

1) b. marginal physical product of labor. 2) b.labor demand is derived from demand for the product it produces. 3) a. total output divided by the number of labor employed. 4) c. the change in total variable cost that results from the production of an extra unit of output. 5) b. marginal physical product. 6) d. the additional revenue obtained when an additional unit of a variable input is hired. 7) a. MRP curve to the left. 8) a. insensitive to the wage rate in the short run. 9) b. craft unions. 10) c. Union membership peaked in the 1960s and has been decreasing steadily since. 11) c. National Education Association 12) c. an industrial union. 13) c. an industrial union. 14) b. only workers who have been union members for two years may be employed 15) c. union shop agreement.

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