CH 11 12 13 DIAGRAM
Consider the following imperfectly competitive model.
The above data represents a MRP applied to an imperfect product market. As more products are sold, the price decreases. Given a MCF of $20 _____________ workers would be hired. 4
The above data represents a MRP applied to an imperfect product market. As more products are sold, the price decreases. Given a MCF of $15, _____________ workers would be hired. 4
The above data represents a MRP applied to an imperfect product market. As more products are sold, the price decreases. Given a MCF of $23, _____________ workers would be hired. 2
With an increase in the demand for labor and constant supply the demand is shown below (Figure 10.7). Such an increase in demand would _________________ price and quantity demanded for labor. none of the above (decrease both, not change, increase neither / nor )
With an increase in the demand for labor and constant supply the demand is shown below (Figure 10.7). One way this shift might occur would be if _______________________ . •workers increase their skills
Use Table 10.2 above. If the wage for each worker is $23, how many workers will be utilized? 3
Use Table 10.2 above. If the wage for each worker is $25, how many workers will be utilized? 2
Use Table 10.2 above. If the wage for each worker is $20, how many workers will be utilized? 4
Consider the situation shown in the table and Figure 10.2 (above). The Marginal Revenue Product (MRP) of the 4th worker is $__________ . 2
Consider the situation shown in the table and Figure 10.2 (above). The total revenue earned by the production of 4 workers is $_____________ . 102
Consider the graphs below (Fig 11.5 and 11.6):
If England sends out 30 units of Cloth, it will get _____ units of wine in return. 20
If Portugal sends out 30 units of wine, it will get back ________ units of cloth. 45
Figure 11.2. England’s limits of trade in producing wine and cloth.
Figure 11.3. Portugal’s limits
The above data represents a MRP applied to an imperfect product market. As more products are sold, the price decreases. Given a MCF of $20 _____________ workers would be hired. 4
The above data represents a MRP applied to an imperfect product market. As more products are sold, the price decreases. Given a MCF of $15, _____________ workers would be hired. 4
The above data represents a MRP applied to an imperfect product market. As more products are sold, the price decreases. Given a MCF of $23, _____________ workers would be hired. 2
With an increase in the demand for labor and constant supply the demand is shown below (Figure 10.7). Such an increase in demand would _________________ price and quantity demanded for labor. none of the above (decrease both, not change, increase neither / nor )
With an increase in the demand for labor and constant supply the demand is shown below (Figure 10.7). One way this shift might occur would be if _______________________ . •workers increase their skills
Use Table 10.2 above. If the wage for each worker is $23, how many workers will be utilized? 3
Use Table 10.2 above. If the wage for each worker is $25, how many workers will be utilized? 2
Use Table 10.2 above. If the wage for each worker is $20, how many workers will be utilized? 4
Consider the situation shown in the table and Figure 10.2 (above). The Marginal Revenue Product (MRP) of the 4th worker is $__________ . 2
Consider the situation shown in the table and Figure 10.2 (above). The total revenue earned by the production of 4 workers is $_____________ . 102
Consider the graphs below (Fig 11.5 and 11.6):
If England sends out 30 units of Cloth, it will get _____ units of wine in return. 20
If Portugal sends out 30 units of wine, it will get back ________ units of cloth. 45
Figure 11.2. England’s limits of trade in producing wine and cloth.
Figure 11.3. Portugal’s limits