A monopolist dealing with a competitive supply of labor a. is employing the combination of resources that permits it to produce any kind of provided output in the leastern costly way once the marginal product of every reresource is ____________ by its marginal reresource expense equal to __________.


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Real weras would certainly decrease if the a.prices of goods and also solutions climbed more rapidly than nominal-weras ratesb.prices of products and also services climbed much less quickly than the nominal-wage ratesc.prices of products and solutions and wage rates both rosed.prices of goods and also services and also wage prices both fell
The standard explacountry for high actual wages in the United States and also various other industrially progressed economic situations is that thea.price levels of those nations have boosted at a quicker rate than nominal wagesb.federal governments in those nations have actually imposed effective minimum-wage regulations to improve the problems of laborc.the demand for labor in those countries is rather high family member to the supply of labord.the supply of labor in those countries is rather large family member to the demand for labor
T characteristic of a pucount competitive labor industry would certainly bea.firms hiring various types of laborb.workers providing labor under a union contractc.wage taker behavior by firmsd.price maker behavior by firms
The supply curve for labor in a purely competitive sector is upward sloping because thea.possibility prices for workers riseb.marginal reresource cost is constantc.wage price passist to workers fallsd.marginal revenue product rises
the individual firm that hires labor under pudepend competitive problems faces a supply curve for labor thata.is perfectly inelasticb.is of unitary elasticc.is perfectly elasticd.slopes upward from left to right
which is a characteristic of a monopsonist?a.the form of labor is reasonably mobileb.the supply curve is the Marginal revenue price curvec.tright here are many buyers of a specific sort of labord.the wage rate it must pay employees varies straight through the variety of workers it employs
A monopsonist pays a wage price that is a.greater than the marginal revenue product of laborb.equal to marginal product of laborc.equal to the firm"s marginal labor costd.less than marginal revenue product of labor
If a firm employs resources in imperfectly competitive sectors, to max its earnings, the marginal revenue product of each resource should equala.its marginal productb.its marginal reresource costc.its priced.1
Contrasted through a pudepend competitive labor sector, a monopsonistic market will result ina.greater wage prices and greater level of employmentb.higher wage rates and a lower level of employmentc.reduced wage prices and also greater level of employmentd.lower wage rates and lower level of employment
The monopsonistic labor industry for nurses that would certainly be discovered in a smaller city via 2 hospitals would lead toa.reduced starting salariesb.greater starting salariesc.more employment opportunitiesd.better demand also for nursing services
Higher wage prices and a higher level of employment for employees are the usual aftermath ofa.inclusive or craft unionismb.exclusive or commercial unionismc.an above-equlibrium wage rated.a boost in the productivity of labor
Which would boost the demand also for a details type of labor?a.a decrease in the wages of that type of laborb.a boost in the prices of the sources that are substitutes for that kind of laborc.a rise in the prices of the resources that are complements to that type of labord.a decrease in the demand for the commodities produced by that labor
Occupational licensing regulations have the financial effect ofa.increasing the demand also for laborb.decreasing the supply of laborc.strengthening the baracquiring position of an commercial uniond.weakening the bargaining position of the union
Industrial unions commonly attempt to boost wage prices bya.imposing an above-equilibrium wage price on employersb.increasing the demand also for laborc.decreasing the supply of labord.developing a bilateral monopoly
The major reason major league baseball players get an average salary of over $1 million a year and teachers obtain an average salary of around $40,000 a year have the right to finest be defined in regards to a.noncontending labor groupsb.compensating differencesc.absence of job informationd.discrimination
The fact that unprofessional building employees typically get better wperiods than carry out financial institution clerks is finest described by a.noncompeting labor teams b.compensating differencesc.geographical immobilityd.union restraints
Shrinking deserve to be thought about to be a principle-agent difficulty because a.the job-related missions of the principle (the workers) diverge from the profit objective of the agent (the firm)b.the profit objectives of the principle (the firm) diverge from the occupational objective of the agents (the workers)c.the firm is operating in a monopsonistic labor market d.the firm pay performance weras to the workers in a labor market
b.the profit missions of the principle (the firm) diverge from the occupational objective of the agents (the workers)
A firm pays an equilibrium wage of $10 per hour, and also the employees develop 10 devices of output an hour. If the firm adopts an effectiveness wage and it is successful, the wage price for these workers willa.climb and also output will certainly fallb.loss and output will certainly risec.climb and output will rised.fall and output will fall
Real wages in the USA in the lengthy run:a.display no discernible partnership to output per workersb.have actually boosted at around the very same price as boosts in output per workerc.have boosted sreduced than rises in output per worker d.have increased quicker than increases in output per worker
The labor supply curve for a particular occupation is upsloping because:a.better weras will certainly be necessary to lure employees from various other occupations b.reduced wperiods will be required to rise employmentc.greater wperiods will permit some workers to afford even more leisured.the labor demand also curve in downsloping
If the nominal wages of carpenters climbed by 5 percent in 200 and also the price level boosted by 3 percent, then the real wperiods of carpenters: a.decreased by 2 percentb.raised by 2 percentc.raised by 3 percentd.boosted by 8 percent
Unions frequently oppose rises in the prices of complementary inputs (for example, truckmotorists may oppose increases in taxes on diesel fuel). They perform this bereason boosts in the prices of complementary inputs might:a.incresase the supply of competing labor with the output effectb.increases the supply of contending labor via the substitution effectc.decreases the demand for union labor with the output effectd.decreases the demand for union labor via the substitution effect
The individual firm in a pudepend competitive labor market faces:a.a perfectly elastic labor supply curve and a downsloping labor demand also curve b.a perfectly elastic labor demand also curve will lie above the marginal labor expense curvec.labor demand and also labor supply curves both of which are perfectly elasticd.a downsloping labor demand curve and an upsloping labor supply curve
If a firm is hiring a details form of labor under pudepend competitive conditions:a.its labor demand curve will be perfectly elastic at the market-figured out wage rateb.the labor supply curve will lie over the marginal cost curvec.the labor supply and marginal labor (resource) cost curve will certainly coincide and also be upsloping d.the labor supply and marginal labor (resource) price curve will certainly coincide and also be perfectly elastic
a.the labor supply and marginal labor (resource) expense curves will certainly coincide and also be perfectly elastic.
The productivity and also real weras of workers in the industrially progressed economies have actually climbed historically partially because:a.employees have acquired less education and training over time.b. workers have actually been able to use larger quantities of resources equipmentc.over time the capital tools supplied by employees has actually deteriorated in qualityd.the supply of labor has actually increased
In monopsony:a.each firm employs a tiny percentage of the complete supply of laborb.the occupational pressure is extremely mobilec.the wage rate paid by the employer varies directly with the number of workers employedd.the employer is a "wage taker"
A monopsonist"s wage cost in hiring a secondary worker in the:a.worker"s wage rateb.worker"s wage price plus the wage boosts passist to all employees currently employedc.worker"s wage rate adjusted for the lower price that should be charged for the extra outputd.marginal wage price much less the wage rate
Construction workers typically sponsor political lobbying in assistance of better public spending on highmethods and public structures. One reason they carry out this is to:a.restrict the supply of building workersb.rise the elasticity of demand also for construction workersc.increase the demand for building workersd.increse the price of substitute inputs
Many economists are crucial of the minimum wage bereason they think that it:a.hurts the initiatives of labor unionsb.reduces the number of obtainable project opportunities c.conflicts with plans designed to equalize the distribution of incomed.reasons Kramer to be unemployed
If the minimum wage is collection as well high, in some labor markets we can expect to see:a.a shortage of laborb.a boost in on-the-job trainingc.a surplus of labord.a decrease in wage costs
In a monopsonistic labor sector the employer will maximize revenues by employing workers as much as that point at which: a.the distinction in between the wage rate and also marginal resource (labor) expense is at a maximum.b.marginal revenue product equals marginal reresource (labor) price.c.the wage price amounts to marginal revenue product.d.the wage rate amounts to marginal reresource (labor) cost.
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Connect Finance Online Access for Essentials of Investmentsninth EditionAlan J. Marcus, Alex Kane, Zvi Bodie
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