Answered: The demand for will decrease in…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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6. The demand for will decrease in response to an Increase productivity b. better training of all laborers c. a decrease in the supply of labor d. decreased demand in markets for consumer goods and services 7. In a purely competitive market for economic resources, a firm's marginal revenue product curve for a factor could decrease as a result of an increase in the resource's marginal product b. decrease in the demand for the firm's product Cincrease in the prices of all other resource inputs d. decrease in the supply curve for the economic resource 8. Other things being equal. If a once - competitive firm attains a high degree of monopoly power. its resource demand curve will a. become perfectly inelastic b. remains perfectly elastic c. become more elastic d. become more inelastic 9. Other things being the same if the demand for labor is inelastic a decreases in wage rates will result in greater payrolls b. increases in wage rates will result in greater payrolls c. decreases in wage rates will increase both employment and worker incomes d, increase in wage rates will result in smaller payrolls 10. A firm will be hiring labor and capital in profit maximizing amount when: a. MRP capital / price of capital equals MRP labor of labor b. MRP capital / MRP labor equals price of labot / price of capital C. MRP capital / price of capital equals MRP labot / price of labor equals 1 d. The MRP of last unit hired of both fabor and capital are the same

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