Question 1 Not yet answered Paints out of 1 Flag question (This question refers

Question

Question 1 Not yet answered Paints out of 1 Flag question (This question refers to the MRU video 'The Marginal Product of Labor.) In the market for a certain type of labor, the wage for that labor is determined by Select one O a. the intersection of labor demand and labor supply. O b, the intersection of labor demand and product supply. O c. the intersection of labor demand and product demand. O d. the intersection of product demand and labor supply Question 2 Not yet answered Points out of 1 F Flag question (This question refers to the MRU video The Marginal Product of Labor:) Firms will continue to hire more employees as long as: Select one: o a. the wage is less than the marginal product of labor. b. the product price exceeds the wage. O c. the marginal product of labor is less than the product price. O d. the wage exceeds the marginal cost of production. 3 Not yet answered Points out of 1 Flag question (This question refers to the MRU video Do Unions Raise Wages?') If union sbecome too powerful, they can reduce wages in an economy by: Select one O a, widening the gap between the wages of unionized and non-unionized workers. O b. shutting down entire industries and reducing economic efficiency. o c.causing inflation rates to rise too quickly o d. competing among themselves for workers.

Explanation / Answer

1. In a market for a certain type of labour, the wage for that labour is determined by the intersection of labour demand and labour supply. So correct option is A.

2. Firms will continue to hire more employees as long as the wage is less than the marginal product of labour. So correct option is A.

3. If unions become too powerful, they can reduce wages in an economy by widening the gap between the wages of unionized and non unionized workers. So the correct option is A.

4. Restrictions that make it hard for foreign medical school graduates to practice in the US or that prevent nurse practioners from competing with physicians definitely increase both safety and physicians wages, So the correct option is C.

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