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Gillespie: Foundations of Economics 2e

Unit 17

Instructions

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Question 1

An increase in the wage rate:

Question 2

The Marginal Revenue Product is likely to be wage inelastic if:

Question 3

A fall in demand for labour is likely to lead to:

Question 4

A decrease in the supply of labour is likely to lead to:

Question 5

The Marginal Revenue Product is:

Question 6

A monopsony occurs if there is:

Question 7

A profit maximizing firm will employ labour up to the point where:

Question 8

In a perfectly competitive labour market firms are wage takers and the marginal cost of labour equals:

Question 9

If employees cannot accept a job because of the costs of moving this is known as:

Question 10

If the minimum wage is set above the equilibrium wage rate, then other things unchanged: