Ask Business Management Expert

Could you please help me with these questions?

1. Other things constant, the firm's demand curve for a variable input ,such as  labor, depends on the:

a. marginal cost of the last unit of output sold.

b. marginal product of capital.

c. value of the marginal product of labor.

d. marginal product of labor only.

2. For a firm in perfect competition in the product market, the marginal revenue product of labor falls as more workers are hired because of:

a. diminishing marginal cost of production.

b. falling output price as more of the good is sold.

c. the falling output price of labor.

d. diminishing marginal product of labor.

3. A payment to a factor of production above the amount needed to obtain that factor for a particular task is known as:

a. surplus value.

b. an economic rent.

c. the marginal value product of the factor.

d. a compensating differential.

4. In economics, a pure economic rent is a payment:

a. to the owners of a factor of production whose supply is perfectly inelastic.

b. that is made only to landowners.

c. to the owners of a factor of production whose supply is relatively inelastic.

d. only to the owners of land and capital because these are fixed.

5. Some superstars in professional baseball and football earn very high salaries. Which one of the following statements is correct?

a. For the players, their economic rent earned is zero.

b. They are paid high salaries because of compensating or equalizing wage differentials.

c. Most of their salaries is an economic rent.

d. The opportunity cost of playing professional sports is equal to their salaries.

6. An economic rent that is paid to a factor of production is:

a. the opportunity cost of using the factor in the best alternative use.

b. a surplus payment to the factor over its opportunity cost.

c. a payment for the use of land.

d. payment for the use of factors whose supply is relatively elastic.

7. In the output market, the imperfectly competitive firm's demand for labor curve slopes downward and to the right because:

a. the wage rate paid to labor falls, so the quantity demanded of labor rises.

b. in order to sell additional units of its output, the firm must lower output price.

c. labor's marginal product falls as additional units of labor are hired to produce more output.

d. (b) and (c) are correct.

8. If an industry's demand curve for labor indicates that a change in wages will result in a very small change in the quantity demanded of labor, we would expect:

a. the demand curve for the industry's output to be inelastic.

b. a union supply of labor curve  to be inelastic.

c. an attempt by unions to restrict the supply of labor to result in many of its members being laid-off.

d. the demand curve for labor to be relatively flat.

Business Management, Management Studies

  • Category:- Business Management
  • Reference No.:- M92807614
  • Price:- $10

Priced at Now at $10, Verified Solution

Have any Question?


Related Questions in Business Management

Name a company that addressed a recent ethical problem in a

Name a company that addressed a recent ethical problem in a positive way. Also, explain how or if this positively affects us as a community?

When it is appropriate to use the trade-off process what

When it is appropriate to use the trade-off process. What conditions apply, and the technical evaluation criteria that might be used?

Need help with a essay with the following phrase for

Need help with a essay with the following phrase for analyzing : " Capitalism is at the heart of how people and organisations are managed in contemporary society" May i ask for a better explanation of the question? Also ...

How could these three tenets of the auburn creed be used to

How could these three tenets of the Auburn Creed be used to motivate others: "I believe that this is a practical word and that I can count only on what I earn. Therefore, I believe in work, hard work." "I believe in educ ...

How can these two tenets of the auburn creed by used in

How can these two tenets of the Auburn Creed by used in addressing teamwork issues: "I believe in honesty and truthfulness, without which I cannot win the respect and confidence of my fellow men." "I believe in the human ...

Discuss the advantages of having and interacting in a

Discuss the advantages of having and interacting in a diverse workplace. Consider the wide range of ideas and perspectives that a range of team members bring to a team, that are of differing ages, ethnic backgrounds and ...

Parmigiano-reggiano global recognition of geographical

Parmigiano-Reggiano: Global Recognition of Geographical Indications What historical factors have helped support the consortium's claims for the geographic specificity of Parmigiano-Reggiano and Parmesan? What are the eco ...

Communication planthis communication plan will be a roadmap

Communication Plan This communication plan will be a roadmap on how the new division will best be able to communicate with Biotech's corporate headquarters, suppliers, other divisions, and internally. This should lay out ...

Discuss strategies to obtain feedback from a customer and

Discuss strategies to obtain feedback from a customer and clients when working in sales.

Describe different networking methods and the advantages

Describe different networking methods and the advantages and disadvantages of them?

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As