1. The firm's demand curve for labor is the same as its
2. Major League Baseball is an example of what labor market model?
3. Which of the following is a characteristic of a purely competitive labor market?
4. For what type of labor market model is there only one employer and only one seller or labor services?
5. A firm will use capital up to the point where
6. Marginal revenue product of labor measures
7. A small town in rural lowa has one large factory that employs the workers in the town. This is an example of a _________ labor market model.
8. If there is a decrease in labor supply then the equilibrium wage rate will _______ and the equilibrium quantity of labor demanded will _______.
9. If employers are wage takers, then
10. If a labor market is characterized by monopsony, then monopsony employers pay workers a wage
11. The _______ curve shows how much labor the firm will employ at various wages.
12. If there is an increase is labor demand then the equilibrium wage rate will ________ and the equilibrium quantity of labor will _________.
13. Which of the following will shift out the demand curve for labor for university professors?
14. Which of the following will shift out the demand curve for Doctors?
15. Refer to Figure 12.3. The graph shows the marginal revenue product curve for a firm. How many workers does the firm want to hire for a wage rate of $10?