Economics CH 14 Quiz

Resource pricing is important because:

Which of the following statements best illustrates the concept of derived demand?

When economists say that the demand for labor is a derived demand, they mean that it is:

The demand for a resource depends primarily on:

In the United States, professional football players earn much higher incomes than professional soccer players. This occurs because:

Marginal revenue product measures the:

The purely competitive employer of resource A will maximize the profits from A by equating the:

The MRP curve for labor:

Marginal product is:

The labor demand curve of a purely competitive seller:

Assume labor is the only variable input and that an additional input of labor increases total output from 72 to 78 units. If the product sells for $6 per unit in a purely competitive market, the MRP of this additional worker is:

If one worker can pick $30 worth of grapes and two workers together can pick $50 worth of grapes, the:

A competitive employer should hire additional labor as long as:

A profit-maximizing firm employs resources to the point where:

Answer the question on the basis of the following information: Harry owns a barber shop and charges $6 per haircut. By hiring one barber at $10 per hour, the shop can provide 24 haircuts per eight-hour day. By hiring a second barber at the same wage rate, the shop can now provide a total of 42 haircuts per day. Refer to the given information. The MP of the second barber is:

Answer the question on the basis of the following information: Harry owns a barber shop and charges $6 per haircut. By hiring one barber at $10 per hour, the shop can provide 24 haircuts per eight-hour day. By hiring a second barber at the same wage rate, the shop can now provide a total of 42 haircuts per day. Refer to the given information. The MRP of the second barber is:

Marginal resource cost is:

The MRP curve is the resource demand curve for:

The change in a firm's total revenue that results from hiring an additional worker is measured by:

Refer to the graph. A move from b to a along labor demand curve D1 would result from:

Refer to the graph. Each of the three labor demand curves shown slopes downward because of the:

Refer to the graph. Other things equal, an increase in labor productivity would cause a:

The labor demand curve of a firm:

Employers will hire more units of a resource if the:

Which of the following statements is correct?