Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
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Chapter 19, Problem 4MCQ
To determine
To choose:
The option that correctly explains the effect on equilibrium wage rate in a labor market for bakers which is competitive.
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You are given a scenario where this a change in a factor of production or a change in demand for an item. You need to explain in sentence form how this would change demand for labor.
There is an increase in the price of steel. You make tractors.
What happens to the supply curve when prices of factor of production rises
An increase in the price of the firm's output leads to a
movement upward along the demand for labor curve.
b. rightward shift of the demand for labor curve.
movement downward along the demand for labor curve.
d. leftward shift of the demand for labor curve.
Chapter 19 Solutions
Foundations of Economics (8th Edition)
Ch. 19 - Prob. 1SPPACh. 19 - Prob. 2SPPACh. 19 - Prob. 3SPPACh. 19 - Prob. 4SPPACh. 19 - Prob. 5SPPACh. 19 - Prob. 6SPPACh. 19 - Prob. 7SPPACh. 19 - Prob. 8SPPACh. 19 - Prob. 9SPPACh. 19 - Prob. 10SPPA
Ch. 19 - Prob. 1IAPACh. 19 - Prob. 2IAPACh. 19 - Prob. 3IAPACh. 19 - Prob. 4IAPACh. 19 - Prob. 5IAPACh. 19 - Prob. 6IAPACh. 19 - Prob. 7IAPACh. 19 - Prob. 8IAPACh. 19 - Prob. 9IAPACh. 19 - Prob. 1MCQCh. 19 - Prob. 2MCQCh. 19 - Prob. 3MCQCh. 19 - Prob. 4MCQCh. 19 - Prob. 5MCQCh. 19 - Prob. 6MCQCh. 19 - Prob. 7MCQ
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- wheat is the main input in the production of flour. all else equal, if the price of wheat decreases, what would we expect?arrow_forwardTo say that a firm is competitive in the labor market is to say that the firm a. has little or no control over the number of workers it hires. b. has little or no control over the wage it pays its workers. c. is aggressive in pursuing the most skilled workers in the labor market. d. is aggressive in trying to keep its workers' wages low.arrow_forwardIn a competitive labor market for bakers, the equilibrium wage rate .. A. rises if the market price of bakery items falls OB. rises if new technology makes it easier for anyone to be a baker OC. falls if the supply of bakers decreases D. rises if bakers become more productivearrow_forward
- Taco King produces tacos The market for tacos is perfectly competitive, and the price is $3.50 a taco. The labor market is competitive, and the wage rate is $105.00 a day The table shows part of the workers total product schedule Calculate the marginal product of hiring the third worker and the value of the marginal product of the third worker The marginal product of hiring the third worker is tacos a day The value of the marginal product of the third worker is Saday 1 C Workers 2 3 4 5 6 Tacos per day 44 80 110 134 146arrow_forwardThe demand for a factor of production (productive resource) is derived from the demand for the good the factor produces True Falsearrow_forwardLabor demand becomes more elastic as the demand for the firm’s output a. becomes more elastic b. becomes less elastic c. increases d. decreases e. is at market equilibriumarrow_forward
- QUESTION 7 Which of the following will result in a leftward shift of the market demand curve for labor (ceteris paribus)? a. an increase in labor productivity b.a decrease in the firm's product price Oc an increase in demand for the firm's product Od an increase in the wage ratearrow_forwardWhat happens to the supply curve when the price of the factor of production would rise?arrow_forwardEconomicsarrow_forward
- Identify the segment that represents the payment for factors or resources like labor. (Click directly on the corresponding letter) Goods and A H Service Market Households E Factors market F D Firms B C Garrow_forwardYou are given a scenario where this a change in a factor of production or a change in demand for an item. You need to explain in sentence form how this would change demand for labor. You develop a popular video game and continue to develop new versions to keep people interested in the game.arrow_forwardSuppose Fred produces 500 litres of milk every day with 10 workers. The price of milk is $12 per litre, and each worker is paid $550 daily. If the marginal product of the last worker employed is 40 litres of milk, explain whether Fred is maximizing his profit. If not, can Fred increase his profit by employing more or fewer workers? If Fred buys more dairy cattles, how will it affect his demand for labor? Explain with a diagram.arrow_forward
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