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Marginal revenue product for a perfectly competitive seller is equal to A. the change in total revenue that results from hiring another worker. the...
Marginal revenue product for a perfectly competitive seller is equal to A. the change in total revenue that results from hiring another worker. B. the marginal cost of production. C. the output price multiplied by the number workers hired. D. the output price multiplied by the total product of labor. 14) At low wages, the labor supply curve for most people slopes upward because A. as wages increase income also increases unless hours worked decrease. B. the demand for labor is perfectly elastic at low wages. C. as wages increase the opportunity cost of leisure increases. D. the supply of labor is perfectly inelastic at low wages. 15) Which of the following best explains why unemployment rates are higher in the European economies than in the United States? A. Workers in Europe are less productive than workers in the United States. B. European industries pay a lower wage rate than industries in the United States. C. Unemployment benefits are more generous in Europe than in the United States. D. More Europeans go to school fulltime and are therefore not able to participate in the labor market. 16) How will an increase in population affect the labor market? A. It will increase the supply of jobs. B. It will increase the opportunity cost of leisure. C. It will cause a decrease in the quantity of labor demanded. D. It will shift the market supply curve. 17) The labor supply for an industry would decrease if A. the government welcomes foreign workers into the country. B. a greater percentage of women want to work outside the home. C. the percentage of the population from age 16 to 65 decreases. D. the wage rate falls. 18) A decrease in the wage rate causes A. a leftward shift of the firm's labor demand curve. B. a decrease in labor's productivity. C. a rightward shift of the firm's labor demand curve. D. an increase in the quantity of labor demanded. 19) Which of the following displays rivalry and excludability in consumption? A. quasi-public goods B. common resources C. private goods D. public goods 20) Which of the following displays these two characteristics: nonrivalry and nonexcludability in consumption? A. quasi-public goods B. public goods C. common resources D. private goods 21) Private costs A. are borne by producers of a good while social costs are borne by society at large. B. are borne by producers of a good while social costs are borne by government. C. are borne by producers of a good while social costs are borne by those who cannot afford to purchase the good. D. are borne by consumers of a good while social costs are borne by government. 22) One reason why the coffeehouse market is competitive is that A. barriers to entry are low. B. demand for specialty coffee is very high. C. consumption takes place in public. D. it is trendy and therefore is likely to have a customer following. 23) The reason that the coffeehouse market is monopolistically competitive rather than perfectly competitive is because A. products are differentiated. B. barriers to entry are very low. C. entry into the market is blocked. D. there are many firms in the market. 24) Which of the following is the best example of an oligopolistic industry? A. public education B. the beef market C. the beauty products industry D. the pharmaceutical industry
