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The extra output of extra worker

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Reference no: EM13306427

1. the firm's gain in profit from hiring another worker is

A.the extra output of extra worker.

B. the difference between marginal revenue product and the wage of worker.

C. the marginal revenue product of the extra worker.

D. the reduction in costs from hiring another worker.

2. If a worker can produce 20 units of output which can be sold $4 per unit, what is the maximum wage that firm should pay to hire this worker?

A it depends on what the going wage rate is in the labor market.

B $80 minus the firm's profit markup

C $80

D there is insufficient information to answer the question.

3. An increase in a perfectly competitive firm's demand for labor could be caused by

A a decrease in the marginal product of workers.

B a decrease in the market wage rate.

C an increase in the market demand for the firm's product.

D an increase in the quantity of labor supplied.

4. which of the following will not cause the labor demand curve to shift to the right?

A. an increase in human capital in the labor force.

B an increase in the market wage rate.

C an increase in the price of the firm's product

D a technological improvement that increases labor productivity.

5. at low wages, the labor supply curve for most people slopes upward because

A the demand for labor is perfectly elastic at low wages.

B as wages increase the opportunity cost of leisure increases.

C as wages increase income also increases unless hours worked decrease.

D the supply of labor is perfectly inelastic at low wages.

Reference no: EM13306427

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