Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Chapter 11, Problem 2SQ
To determine
The nature of
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The demand for labor isa. derived demand.b. featherbedding demand.c. marginal utility demand.d. All of the answers above are correct.
am. 10.
The demand for a factor of production (productive resource) is derived from the demand for the good
the factor produces
True
False
Chapter 11 Solutions
Micro Economics For Today
Ch. 11.3 - Prob. 1YTECh. 11 - Prob. 1SQPCh. 11 - Prob. 2SQPCh. 11 - Prob. 3SQPCh. 11 - Prob. 4SQPCh. 11 - Prob. 5SQPCh. 11 - Prob. 6SQPCh. 11 - Prob. 7SQPCh. 11 - Prob. 8SQPCh. 11 - Prob. 9SQP
Ch. 11 - Prob. 10SQPCh. 11 - Prob. 11SQPCh. 11 - Prob. 1SQCh. 11 - Prob. 2SQCh. 11 - Prob. 3SQCh. 11 - Prob. 4SQCh. 11 - Prob. 5SQCh. 11 - Prob. 6SQCh. 11 - Prob. 7SQCh. 11 - Prob. 8SQCh. 11 - Prob. 9SQCh. 11 - Prob. 10SQCh. 11 - Prob. 11SQCh. 11 - Prob. 12SQCh. 11 - Prob. 13SQCh. 11 - Prob. 14SQCh. 11 - Prob. 15SQCh. 11 - Prob. 16SQCh. 11 - Prob. 17SQCh. 11 - Prob. 18SQCh. 11 - Prob. 19SQCh. 11 - Prob. 20SQ
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- Benny employs people to sell candy bars at intersections. Assume that Benny can obtain candy bars to sell for no cost. The marginal product of the last worker Benny hired is 20 candy bars per hour. Benny pays $7 per worker per hour and sells the candy bars for $1 each. If the price of candy bars rises to $2. then the: demand for labor increases. demand for labor decreases. quantity demanded of labor increases, but the demand for labor curve does not shift. quantity demanded of labor decreases, but the demand for labor curve does not shift.arrow_forwardThe idea that the demand for autoworkers stems from the demand for automobiles is a ) output demand. b ) indirect demand. c ) derived demand. d ) the value of the marginal product of autoworkers.arrow_forwardWhich of the following can reduce the marginal revenue product of labor? Select one: a. A reduction in the demand for firms– products. b. A reduction in workers– supply of labor to firms. c. A decrease in firms– demand for inputs that substitute for labor. d. An increase in the extra output firms gain from adding another unit of labor.arrow_forward
- When is an employer forced to keep the labor cost low? A. When the product demand is inelastic. B. When the employer is in a competitive product market. C. When the rate of unemployment is low. D. When certain skills are essential for production.arrow_forward1. factor markets? take an example 2. changes of labor supply and labor demand? take an example 3.Optimal choice of factors in perfectly competitive factor markets? take an examplearrow_forwardWhich of the following would increase the demand for labor? There’s an increase in the number of workers The price of the output good increases The substitution effect makes leisure more expensive as wages increase Leisure is a normal good and the income effect occurs when wages changearrow_forward
- This figure below shows the labor market for automobile workers. The curve labeled S is the labor supply curve, and the curves labeled D1 and D2 are the labor demand curves. On the horizontal axis, L represents the quantity of labor in the market. S Refer to Figure above. What is measured along the vertical axis on the graph? Select one: a. time spent by workers producing automobiles b. the price of automobiles c. the wage paid to automobile workers d. the quantity of automobiles producedarrow_forwardIn 1997 and 1998, the economy expanded, increasing the demand for labor and pushing up wages. Change in Demand Increase Decrease Did not Change Indeterminate Change in Supply Increase Decrease Did not Change Indeterminatearrow_forwardFor each of the following determine the impact on the demand or the supply of labor and the effect on the equilibrium wage and quantity of labor employed. a. An increase in the price of capital. b. A union is formed which uses collective bargaining to obtain higher wages for its members. c. The marginal productivity of workers rises. d. People desire leisure more than ever before (e.g. it is Christmas Day). e. The wages offered in other labor markets requiring similar skills are now offering substantially higher wages. f. The fringe (non-monetary) benefits offered in this market have increased substantially. g. The government has just adopted an "open-door' immigration policy?arrow_forward
- Consider the following labor supply and demand curves. For each of the following situations, show and explain what would happen to the labor market. a) The firm finds a new market for their output. Wage WE S Quantityarrow_forwardLabor demand becomes more elastic as the demand for the firm’s output a. becomes more elastic b. becomes less elastic c. increases d. decreases e. is at market equilibriumarrow_forwardDraw a picture of the backward bending supply curve. Make it your individual supply curve with wages you would accept and the time you would be willing to work and attach at least five points that connect together to make a curve.arrow_forward
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