A monopolist facing a competitive supply of labor a. is employing the combination of resources that enables it to produce any given output in the least costly way when the marginal product of every resource is ____________ by its marginal resource cost equal to __________.


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Real wages would decline if the a.prices of goods and services rose more rapidly than nominal-wages ratesb.prices of goods and services rose less rapidly than the nominal-wage ratesc.prices of goods and services and wage rates both rosed.prices of goods and services and wage rates both fell
The basic explanation for high real wages in the United States and other industrially advanced economies is that thea.price levels of those nations have increased at a faster rate than nominal wagesb.governments in those nations have imposed effective minimum-wage laws to improve the conditions of laborc.the demand for labor in those nations is quite high relative to the supply of labord.the supply of labor in those nations is quite large relative to the demand for labor
T characteristic of a purely competitive labor market would bea.firms hiring different types of laborb.workers supplying labor under a union contractc.wage taker behavior by firmsd.price maker behavior by firms
The supply curve for labor in a purely competitive market is upward sloping because thea.opportunity costs for workers riseb.marginal resource cost is constantc.wage rate paid to workers fallsd.marginal revenue product rises
the individual firm that hires labor under purely competitive conditions 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 type of labor is relatively mobileb.the supply curve is the Marginal revenue cost curvec.there are many buyers of a particular kind of labord.the wage rate it must pay workers varies directly with the number of workers it employs
A monopsonist pays a wage rate 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 markets, to max its profits, the marginal revenue product of each resource must equala.its marginal productb.its marginal resource costc.its priced.1
Compared with a purely competitive labor market, a monopsonistic market will result ina.higher wage rates and higher level of employmentb.higher wage rates and a lower level of employmentc.lower wage rates and higher level of employmentd.lower wage rates and lower level of employment
The monopsonistic labor market for nurses that would be found in a smaller city with two hospitals would lead toa.lower starting salariesb.higher starting salariesc.more employment opportunitiesd.greater demand for nursing services
Higher wage rates and a higher level of employment for workers are the usual consequences ofa.inclusive or craft unionismb.exclusive or industrial unionismc.an above-equlibrium wage rated.an increase in the productivity of labor
Which would increase the demand for a particular type of labor?a.a decrease in the wages of that type of laborb.an increase in the prices of the resources that are substitutes for that type of laborc.an increase in the prices of the resources that are complements to that type of labord.a decrease in the demand for the products produced by that labor
Occupational licensing laws have the economic effect ofa.increasing the demand for laborb.decreasing the supply of laborc.strengthening the bargaining position of an industrial uniond.weakening the bargaining position of the union
Industrial unions typically attempt to increase wage rates bya.imposing an above-equilibrium wage rate on employersb.increasing the demand for laborc.decreasing the supply of labord.forming a bilateral monopoly
The major reason major league baseball players receive an average salary of over $1 million a year and teachers receive an average salary of about $40,000 a year can best be explained in terms of a.noncompeting labor groupsb.compensating differencesc.lack of job informationd.discrimination
The fact that unskilled construction workers typically receive higher wages than do bank clerks is best explained by a.noncompeting labor groups b.compensating differencesc.geographic immobilityd.union restraints
Shrinking can be considered to be a principle-agent problem because a.the work objectives 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 work objective of the agents (the workers)c.the firm is operating in a monopsonistic labor market d.the firm pay efficiency wages to the workers in a labor market
b.the profit objectives of the principle (the firm) diverge from the work objective of the agents (the workers)
A firm pays an equilibrium wage of $10 per hour, and the workers produce 10 units of output an hour. If the firm adopts an efficiency wage and it is successful, the wage rate for these workers willa.rise and output will fallb.fall and output will risec.rise and output will rised.fall and output will fall
Real wages in the United States in the long run:a.show no discernible relationship to output per workersb.have increased at about the same rate as increases in output per workerc.have increased slower than increases in output per worker d.have increased faster than increases in output per worker
The labor supply curve for a particular occupation is upsloping because:a.higher wages will be needed to attract workers from other occupations b.lower wages will be needed to increase employmentc.higher wages will enable some workers to afford more leisured.the labor demand curve in downsloping
If the nominal wages of carpenters rose by 5 percent in 200 and the price level increased by 3 percent, then the real wages of carpenters: a.decreased by 2 percentb.increased by 2 percentc.increased by 3 percentd.increased by 8 percent
Unions often oppose increases in the prices of complementary inputs (for example, truckdrivers may oppose increases in taxes on diesel fuel). They do this because increases in the prices of complementary inputs might:a.incresase the supply of competing labor through the output effectb.increases the supply of competing labor through the substitution effectc.decreases the demand for union labor through the output effectd.decreases the demand for union labor through the substitution effect
The individual firm in a purely competitive labor market faces:a.a perfectly elastic labor supply curve and a downsloping labor demand curve b.a perfectly elastic labor demand curve will lie above the marginal labor cost curvec.labor demand and 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 certain type of labor under purely competitive conditions:a.its labor demand curve will be perfectly elastic at the market-determined wage rateb.the labor supply curve will lie above the marginal cost curvec.the labor supply and marginal labor (resource) cost curve will coincide and be upsloping d.the labor supply and marginal labor (resource) cost curve will coincide and be perfectly elastic
a.the labor supply and marginal labor (resource) cost curves will coincide and be perfectly elastic.
The productivity and real wages of workers in the industrially advanced economies have risen historically partly because:a.workers have acquired less education and training over time.b. workers have been able to use larger quantities of capital equipmentc.over time the capital equipment used by workers has deteriorated in qualityd.the supply of labor has increased
In monopsony:a.each firm employs a small portion of the total supply of laborb.the work force is highly 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 an additional worker in the:a.worker"s wage rateb.worker"s wage rate plus the wage increases paid to all workers already employedc.worker"s wage rate adjusted for the lower price that must be charged for the extra outputd.marginal wage cost less the wage rate
Construction workers frequently sponsor political lobbying in support of greater public spending on highways and public buildings. One reason they do this is to:a.restrict the supply of construction workersb.increase the elasticity of demand for construction workersc.increase the demand for construction workersd.increse the price of substitute inputs
Many economists are critical of the minimum wage because they believe that it:a.hurts the efforts of labor unionsb.reduces the number of available job opportunities c.conflicts with policies designed to equalize the distribution of incomed.causes Kramer to be unemployed
If the minimum wage is set too high, in some labor markets we can expect to see:a.a shortage of laborb.an increase in on-the-job trainingc.a surplus of labord.a decline in wage costs
In a monopsonistic labor market the employer will maximize profits by employing workers up to that point at which: a.the difference between the wage rate and marginal resource (labor) cost is at a maximum.b.marginal revenue product equals marginal resource (labor) cost.c.the wage rate equals marginal revenue product.d.the wage rate equals marginal resource (labor) cost.
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Connect Finance Online Access for Essentials of Investments9th EditionAlan J. Marcus, Alex Kane, Zvi Bodie
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