AP Micro Unit 5 Review 2024

Front

Assume the government REMOVES a license to become a barber. What will happen in the labor market?

Back

Wage decreases and quantity increases

Front

How will the requirement for construction workers to pass a series of exams to become licensed change the supply and wage of construction workers?

Back

Supply will decrease; Wage will increase

Front

If the last worker hired produces six units of additional output, the price of the product is $10, and the wage is $20, what is the marginal revenue product of that worker?

Back

$60

Front

If a firm is experiencing wages to be greater than MRP, what should the firm do?

Back

Lay off workers

Front

Assume that a firm sells their output in a perfectly competitive product market and hires labor in a perfectly competitive labor market. If all other factors remain constant, an increase in the demand for the firm's product will result in:

Back

An increase in the firm's demand curve.

Front

A profit-maximizing firm will continue to hire workers until the marginal revenue product of labor is equal to the:

Back

marginal resource cost

Front

Which of the following would cause the wage for computer programmers to increase in a perfectly competitive labor market? A decrease in the amount of physical capital per computer programmer, A decrease in the amount of individuals who decide to become computer programmers, An increase in the social prestige associated with being a computer programmer, The price of computer programming equipment to increase, A minimum wage set below the equilibrium wage in the market for computer programmers.

Back

A decrease in the amount of individuals who decide to become computer programmers

Front

What is the MRP of the third worker if the product price is $10?

Back

$50

Front

If the wage is $30 and the price of the product is $10, how many workers should be hired?

Back

4

Front

The marginal resource cost for a perfectly competitive firm will _____ as more workers are hired.

Back

stay the same