A) 5, and labor's share of total costs is 20 percent.
B) 5, and labor's share of total costs is 75 percent.
C) .1, and labor's share of total costs is 20 percent.
D) .1, and labor's share of total costs is 75 percent.
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A) government policy should be used to redistribute income based on need.
B) family income should be based on a family's demand for products.
C) resource markets will set incomes based on workers' contributions to the output of scarce goods and services.
D) monopoly and monopsony power do not affect resource payments of the overall distribution of income.
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A) is the marginal product of the resource divided by the price of the final product.
B) is the increase in total revenue resulting from the addition of one more unit of the resource.
C) is equal to the average revenue product at the lowest point of the average revenue product curve.
D) decreases as the quantity of output decreases.
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A) a purely competitive producer will hire less labor, but an imperfectly competitive producer will not.
B) an imperfectly competitive producer will hire less labor, but a purely competitive producer will not.
C) a purely competitive producer and an imperfectly competitive producer will both hire less labor.
D) an imperfectly competitive producer may find it profitable to hire either more or less labor.
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A) large proportion of total costs and product demand is elastic.
B) small proportion of total costs and product demand is elastic.
C) large proportion of total costs and product demand is inelastic.
D) small proportion of total costs and product demand is inelastic.
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A) lie below its marginal revenue product curve.
B) be subject to increasing marginal productivity.
C) be less elastic than that of a purely competitive seller.
D) be more elastic than that of a purely competitive seller.
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A) demand for labor will be elastic only if labor accounts for less than 50 percent of total costs.
B) demand for labor will be elastic only if labor accounts for 50 percent or more of total costs.
C) larger the labor cost to total cost ratio, the smaller will be the elasticity of labor demand.
D) larger the labor cost to total cost ratio, the greater will be the elasticity of labor demand.
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A) designates the MR = MC level of output.
B) assumes imperfect competition in the hiring of labor and capital.
C) is a sufficient condition for the maximization of profits.
D) is a necessary, but not sufficient, condition for the maximization of profits.
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A) earnings reflect pricing power rather than marginal revenue product.
B) small differences in talent get magnified into huge differences in pay.
C) entry and exit rarely occur.
D) product demand is typically highly elastic.
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A) may be maximizing profits, but it is not minimizing costs.
B) may be minimizing costs, but it is not maximizing profits.
C) is neither minimizing costs nor maximizing profits.
D) is minimizing costs and maximizing profits.
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A) is horizontal or perfectly elastic.
B) is downsloping and flatter than the labor demand curve of a firm that sells its product in an imperfectly competitive (or monopolistic) market.
C) is upsloping.
D) is downsloping and steeper than the labor demand curve of a firm that sells its product in an imperfectly competitive (or monopolistic) market.
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A) will increase.
B) will decrease.
C) may either increase or decrease.
D) will not change.
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A) responsiveness of workers to changes in wage rates.
B) responsiveness of producers to changes in resource prices.
C) ratio of marginal revenue product to resource price.
D) sensitivity of marginal revenue product to changes in product price.
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A) become perfectly inelastic.
B) remain perfectly elastic.
C) become more elastic.
D) become more inelastic.
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A) medical assistants
B) veterinarians
C) college professors
D) postal service mail sorters and processors
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