1) Based on the graph, which of the following factors can cause the market labor supply curve for the telecommunications industry to shift from S1 to S2? (the graph is attached on the bottom) A-An increase in the marginal revenue product of every telecommunications firm B-A decrease in the number of domestic residents immigrating to foreign countries C-An increase in the wage rate of all telecommunications workers within the country D-A decrease in the value of leisure time by all domestic telecommunications workers E-An increase in the percentage of elderly individuals retiring from telecommunications (2) In a monopsonistic market, firms will hire where ________ equals marginal revenue product and pay a ________ down to the supply curve. A-demand; wage rate. B-demand; product price. C-marginal resource cost; wage rate D-marginal resource cost; product price. E-marginal factor cost; product
(1) Based on the graph, which of the following factors can cause the market labor supply curve for the telecommunications industry to shift from S1 to S2? (the graph is attached on the bottom)
A-An increase in the marginal revenue product of every telecommunications firm
B-A decrease in the number of domestic residents immigrating to foreign countries
C-An increase in the wage rate of all telecommunications workers within the country
D-A decrease in the value of leisure time by all domestic telecommunications workers
E-An increase in the percentage of elderly individuals retiring from telecommunications
(2) In a monopsonistic market, firms will hire where ________ equals marginal revenue product and pay a ________ down to the supply curve.
A-demand; wage rate. B-demand; product price. C-marginal resource cost; wage rate
D-marginal resource cost; product price. E-marginal factor cost; product price
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