
Factor Market and Externalities
Social Studies
12th Grade
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33 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In the monopsonistic labor market shown in the diagram, which of the following indicates the number of workers the firm will hire and the wage rate it will pay, respectively?
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A firm produces truffles by using labor and capital. The price of labor is $10 per unit, and the price of capital is $20 per unit. At current output level, the marginal product of labor is 40 truffles and the marginal product of capital is 60 truffles. To reduce the total cost of producing the current quantity, how should the firm change its spending on labor and capital?
Capital: increase
Capital: no change
Capital: decrease
Capital: increase
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In the diagram, what would be the competitive quantity of workers hired and wages, respectively?
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The graph shows the conditions that a monopsonist faces in a labor market. How many workers would this monopsonist hire and what wage rate would it pay, respectively?
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
An entrepreneur is employing labor and capital to produce a product. The wage rate is $8 per unit and the rent for capital is $10 per unit. The marginal product of labor is 40 units and the marginal product of capital is 60 units. To minimize costs without changing its output, the firm should:
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The Least-Cost Rule for employing two resources is?
MR = MC
MRP = MRC
MU of labor / price labor = MU of capital / price of capital
MRP of labor / price of labor = MRP of capital / price of capital =1
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
MP x Price equals
MRC
MRP
MR
ATC
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