Unit 5: Diagram Review

What is the market equilibrium wage?

• $8

• $16

• $19

• $170k

What is the number of workers hired in the market?

• 80k

• 170k

• 200k

• 20

What is the wage paid by the firm?

• $8

• $16

• $19

• $170k

What is the profit maximizing number of workers the firm will hire?

• 170k

• 10

• 20

• 30

What is the marginal revenue product of the last worker hired by the firm?

• 170k

• $8

• $16

• $19

What is the marginal resource cost of the last worker hired by the firm?

• 170k

• $8

• $16

• $19

What is the marginal resource cost of the 10th worker hired by the firm?

• 170k

• $8

• $16

• $19

What is the marginal revenue product of the 10th worker hired by the firm?

• 170k

• $8

• $16

• $19

How many workers would the profit maximizing monopsonist hire?

• 13

• 18

• 22

• 33

What is the wage the profit maximizing monopsonist would pay?

• 10

• 13

• 15

• 20