The reason that the supply curve for labor in a purely competitive market rises is because: Multiple Choice higher wages must be paid to bid workers away from other opportunities. the wage rate paid to workers falls as more are hired. the marginal product of labor falls as output increases. marginal resource cost rises as productivity increases.

Q: Why is the long run labor demand curve more elastic than the demand for labor in the short run?…

A: In a labor market, firms enter to make a demand for labor because they need labor for making…

Q: Draw a downward-sloping demand curve for labor and an upward-sloping supply curve of labor in a…

A: Labour demand and labour supply curve are very significant in the determination of real wage rate .…

Q: The local textile faces the faces the following supply curve for labor. Fill in the empty blanks.

A: Given: Wage (A) Units of labor (B) 4 10 5 11 6 12 7 13 8 14 Note: Due to multiple…

Q: Which of the following statements is true?   a. Marginal revenue product is the extra revenue…

A: Labors are one of the factors of production which is used in the process of production. The workers…

Q: Consider a firm that manufactures surfboards. Presently the firm is hiring 5 workers at a wage rate…

A: The marginal cost is the additional cost incurred by the firm when one more worker is hired.…

Q: Q) The market demand for the output is P = 80-Q, where Q is the output level and P is the price per…

A: "The competitive equilibrium in the labor market occurs at a point where labor supply function…

Q: fectly competitive labour market i) Identify the levels of wages that result in excess demand and…

A: Wage rate is referred to the remuneration that is received by the labor when they give factor…

Q: Suppose the hourly wage is $20 and the price of each unit of capital is $2. The price of output is…

A: A production function represents the relationship between the quantities of factors of production to…

Q: The demand for carpenters is driven by demand for wood furniture produced by that labor. This…

A:

Q: In a competitive labor market any one firm has complete control over the wage that it pays its…

A: A market is a place where the buyers and sellers interact and exchange goods and services. A labor…

Q: When a firm is a perfect competitor in the product market, its demand curve for labor will _____…

A: The demand and provide of labor are determined within the marketplace. The participants within the…

Q: The marginal cost of a unit of labor in a perfectly competitive labor market is a )     its average…

A: The quantity of labor is determined in the labor market where firms demand the labor and workers are…

Q: A firms demand curve for labor coincides with the: marginal cost curve average cost curve…

A: The firms demand curve for labor explains the quantity of labor demanded at a given wage rate during…

Q: Suppose the marginal product of labor equals 1/L. If the wage is $15 per unit of labor, what is the…

A: Marginal Product of Labor (MPL): - it is the change in total production due to the employment of an…

Q: True or false explain this  a) In a competitive labor market, the price of labor is determined by…

A: a) True, in a competitive market of labor, the price (wages) of labor is determined by the industry…

Q: In the short run, a tool manufacturer has a fixed amount of capital. Labor is a variable input. The…

A: a. Marginal revenue product of labor = =marginal product * price MRPL(11)=16*6=96 and so on…

Q: Problem 51: With the table below showing the firm's outputs given the labor inputs: Labor 1 2 3 4 5…

A: "A profit-maximizing labor quantity occurs at a point where the value of the marginal product of…

Q: Labor demand becomes more elastic as the demand for the firm’s output a. becomes more elastic b.…

A: Answer - Need to find- Labor demand becomes more elastic as the demand for the firm’s output…

Q: The robot bar below leads to:     A. Increases in total output, but with temporary job losses for…

A: The quantity of output produced by a firm depends on the factors of production used, availability of…

Q: Quantity of Labor (thousands) Marginal Revenue Product Wage Rate  5  $25.00 $  5.00   10  20.00…

A: Marginal revenue product is the marginal revenue  created due to an addition of one more unit of…

Q: true or false The marginal revenue product of labor is the extra revenue associated with the last…

A: False A marginal revenue product (MRP) is defined as the market value having an one additional…

Q: Which of the following explains the slope of the demand curve for labor? a. the marginal…

A: Law of diminishing marginal productivity states that the marginal production from the additional…

Q: Given the following parameters: Perfect Competition in Labour Market Perfect Competition in Output…

A: Perfect competition happens when all organizations sell indistinguishable items, market share…

Q: Excess supply in terms of union labor means: Select the correct answer below: Firms will want to…

A: In the mentioned question we have been asked what will happen if in labor market there is excess…

Q: Suppose a competitive firm is paying a wage of $12 an hour and sells its product at $3 per unit.…

A: It is given that wage is $12, price of the product is $3 and MPL (Marginal Product of Labor) is 3.…

Q: Complete the following table by selecting the term that matches each definition on the left. Market…

A: i) A marginal product of labor refers to an increase in an output due to the additional unit of…

Q: A perfectly competitive firm should hire an additional worker only if а. Total revenue is less than…

A: In the perfectly competitive market structure there exists a large number of buyers and sellers. In…

Q: Suppose that labor is the only input used by a perfectly competitive firm that can hire workers for…

A: The firm maximizes profit or minimizes cost by employing the number of workers where marginal profit…

Q: A pizzeria, which operates in a perfectly competitive hospitality market, can produce pizzas if it…

A: Given; Cost of premises and oven= £10 per night Cost of ingredient= £3 per pizza Cost of workers=…

Q: Firms that are confronted with union demands for higher wages may choose production methods that…

A: The markets are the place where the goods and services are sold, and purchased. These products are…

Q: For a corripetitive firm workers marginal revenue product equals the marginal product of labor times…

A: The answer is - wage rate

Q: Other things equal, as the marginal productivity of labor rises: Group of answer choices real wages…

A: The marginal productivity of labor measures the change in the total product due to using an…

Q: Suppose a competitive firm is paying a wage of $12 an hour and sells its product at $3 per unit.…

A: Labor demand refers to the amount of labor-hour that a employer is willing to hire. Worker demand is…

Q: What happens if the government sets a minimum wage in a monopsony labor market? The marginal factor…

A: A monopsony refers to a market where there is only one buyer. The market is called an oligopsony…

Q: If the wage rate in a purely competitive labor market decreases, it will cause the: Multiple Choice…

A: The marginal resource cost is the added cost of using one more unit of input. The change in total…

Q: In the short run, the owner of a firm should continue to hire additional units of labor until: a.…

A: In the short run, the equilibrium condition is wage equals the marginal revenue product of the…

Q: A new coffee shop opens and to maximize profit it hires 5 workers at the competitive wage rate. The…

A: The value of marginal product is the marginal product multiplied by the product price.  VMP=MP×P If…

Q: Widget factory Inc. in Wisconsin has the following production function: F(L,K)=2L  L represents the…

A: Given production function: F(L, K) = 2L1/2 K1/2 w = $30 r = $25 P = $50 K0 = 900 (fixed)   So, the…

Q: Complete the following labor supply table for a firm hiring labor competitively: Total Labor Cost…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…