AP Microeconomics Unit 5

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Social Studies
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10th Grade - University
•
Hard
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1.
FLASHCARD QUESTION
Front
What is the rule to profit maximize when hiring workers?
Back
MRP = MFC
2.
FLASHCARD QUESTION
Front
What is the shape of the supply curve for workers in a perfectly competitive market?
Back
horizontal
3.
FLASHCARD QUESTION
Front
A monopsony pays _____ & hires ____ than a perfectly competitive firm.
Back
less & less
4.
FLASHCARD QUESTION
Front
Assume that firms sell their output in a perfectly competitive product market and hire labor in a perfectly competitive labor market. If all other factors remain constant, an increase in the demand for the firms’ product will result in which of the following changes in the labor market?
Back
The demand curve for labor will shift to the right.
5.
FLASHCARD QUESTION
Front
If a large number of unskilled workers enter the labor market, which of the following is most likely to occur in the labor market for unskilled workers?
Back
The supply curve will shift to the right and the wage rate will decrease.
6.
FLASHCARD QUESTION
Front
A profit-maximizing firm will continue to hire workers until the marginal revenue product of labor is equal to the:
Back
marginal factor cost
7.
FLASHCARD QUESTION
Front
Which of the following would cause the wage for computer programmers to increase? A decrease in the amount of physical capital per computer programmer, An improvement in the education of computer programmers, An increase in the social prestige associated with being a computer programmer, A decrease in the value that computer programmers place on leisure, A minimum wage set below the equilibrium wage in the market for computer programmers
Back
An improvement in the education of computer programmers
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