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Labor Markets

Authored by Sandra Wright

Social Studies

12th Grade

Used 11+ times

Labor Markets
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39 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A firm has 10 workers. They pay each worker $100/week. In any given week, the firm's "Total Cost of Labor" =

$100 x 10 workers = $1,000

$100 + 10 workers = $110

$100 X 10 workers = $100,000

Insufficient Information to answer question

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In factor markets, demand is based on how useful resources are for production. Economists call this principle...

Derived Demand

The Law of Demand

Marginal Factor Cost

Marginal Revenue Product of Land

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economists use the term ________ _______ __ _____ to refer to the additional products a business produces as a result of hiring one more worker.

Average Product of Labor

Average Total Cost

Marginal Revenue

Marginal Product of Labor

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Economists use the term ________ _______ to refer to the additional money a business earns through a small amount of additional production.

Derived Demand

Marginal Cost

Marginal Revenue

Average Revenue

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In most markets we've examined this semester, finding the intersection of supply & demand allowed us to find the "equilibrium price." In labor markets, it allows us to find the "equilibrium _____."

Quantity

Maximizing Quantity

Maximizing Price

Wage

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Supply of Labor offered by workers

Demand for Labor

Supply of Jobs offered by busineses

All of the Above

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Wages

Price

Quantity

Monopsony

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