Micro Economics For Today
10th Edition
ISBN: 9781337613064
Author: Tucker, Irvin B.
Publisher: Cengage,
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Chapter 11, Problem 2SQ
To determine
The nature of
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The demand for labor isa. derived demand.b. featherbedding demand.c. marginal utility demand.d. All of the answers above are correct.
The demand for a factor of production (productive resource) is derived from the demand for the good
the factor produces
True
False
The information below is for a competitive labor market.
A. Calculate the value of the marginal product of labor at X.
B. Find the equilibrium wage.
C. Find the equilibrium quantity of labor employed.
Chapter 11 Solutions
Micro Economics For Today
Ch. 11.3 - Prob. 1YTECh. 11 - Prob. 1SQPCh. 11 - Prob. 2SQPCh. 11 - Prob. 3SQPCh. 11 - Prob. 4SQPCh. 11 - Prob. 5SQPCh. 11 - Prob. 6SQPCh. 11 - Prob. 7SQPCh. 11 - Prob. 8SQPCh. 11 - Prob. 9SQP
Ch. 11 - Prob. 10SQPCh. 11 - Prob. 11SQPCh. 11 - Prob. 1SQCh. 11 - Prob. 2SQCh. 11 - Prob. 3SQCh. 11 - Prob. 4SQCh. 11 - Prob. 5SQCh. 11 - Prob. 6SQCh. 11 - Prob. 7SQCh. 11 - Prob. 8SQCh. 11 - Prob. 9SQCh. 11 - Prob. 10SQCh. 11 - Prob. 11SQCh. 11 - Prob. 12SQCh. 11 - Prob. 13SQCh. 11 - Prob. 14SQCh. 11 - Prob. 15SQCh. 11 - Prob. 16SQCh. 11 - Prob. 17SQCh. 11 - Prob. 18SQCh. 11 - Prob. 19SQCh. 11 - Prob. 20SQ
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- Suppose that Congress caps executive pay at a level below the equilibrium. The quantity of executives demanded will OA. decrease; decrease OB. decrease; increase OC. increase; decrease D. increase; increase the quantity of executives supplied will Executive pay will rise The outcome is inefficient because OA. government employees will move to the private sector OB. the marginal cost of work to executives exceeds the marginal benefit to firms OC. the marginal benefit to firms exceeds the marginal cost of work to executives OD. there is surplus of executives and some become unemployed с Oll Oarrow_forwardWhich of the following can reduce the marginal revenue product of labor? Select one: a. A reduction in the demand for firms– products. b. A reduction in workers– supply of labor to firms. c. A decrease in firms– demand for inputs that substitute for labor. d. An increase in the extra output firms gain from adding another unit of labor.arrow_forwardThe idea that the demand for autoworkers stems from the demand for automobiles is a ) output demand. b ) indirect demand. c ) derived demand. d ) the value of the marginal product of autoworkers.arrow_forward
- When is an employer forced to keep the labor cost low? A. When the product demand is inelastic. B. When the employer is in a competitive product market. C. When the rate of unemployment is low. D. When certain skills are essential for production.arrow_forwardWhich of the following causes a rightward shift in the demand for labor in the market for cars? a. The price of motorbike (a substitute good) increases. b. The price of car increases. Car manufactures purchase and install labor augmenting car manufacturing equipment. All of the above C. d.arrow_forward1. factor markets? take an example 2. changes of labor supply and labor demand? take an example 3.Optimal choice of factors in perfectly competitive factor markets? take an examplearrow_forward
- An increase in the price of the firm's output leads to a movement upward along the demand for labor curve. b. rightward shift of the demand for labor curve. movement downward along the demand for labor curve. d. leftward shift of the demand for labor curve.arrow_forwardIsland City is located on a small island, while Plains City is located at the center of a large, flat, featureless plain. Draw two labor-supply curves, one for each city. a. The supply curve for Island City is [steeper/flatter] because. . . . b. The elasticity of supply of labor in Island City is [higher, lower].arrow_forwardWhich of the following would increase the demand for labor? There’s an increase in the number of workers The price of the output good increases The substitution effect makes leisure more expensive as wages increase Leisure is a normal good and the income effect occurs when wages changearrow_forward
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