5. we would expect that a fall in labor supply will have a proportionatley small
ID: 1205592 • Letter: 5
Question
5. we would expect that a fall in labor supply will have a proportionatley smaller effect on the market wage rate when:
a.workers can easily be replaced by capital goods
b.the product is produced in a perfectly competitive industry
c. the product produced in the industry has very few substitutes
d.labor represents a relatively small portion of total costs
4. suppose a new technology allows firms to substitue mechanical tomato pickers for farm laborers. as a result, the demand curve for farm laborers will:
a. become less elastic
b. become more elastic
c. shift to the right
d. not be affected
3. what does the marginal physical product equal when the amount of labor goes from 10 to 11?
Labor Input (workers/day)_____ total physical product (output/day)
10 ________________________500
11__________________________ 600
12__________________________ 690
13 __________________________760
14 ___________________________800
a.54.5
b.100
c.600
d.500
1. a farm's marginal factor cost describes:
a. the change in total foxed cost that reseults from hiring one more unit of input
b. the increase in the firm's total revenue as one more unit of output is sold
c. the change in total variable cost that results from th production of an extra unit of output
d. the change in total cost that results from using one more unit of an input
Explanation / Answer
answer 5. we would expect that a fall in labor supply will have a proportionatley smaller effect on the market wage rate when:
d.labor represents a relatively small portion of total costs
answer4. suppose a new technology allows firms to substitue mechanical tomato pickers for farm laborers. as a result, the demand curve for farm laborers will
b. become more elastic
answer 3) b.
MPP=change in TPP
=600-500
=100
answer 1) a farm's marginal factor cost describes
d. the change in total cost that results from using one more unit of an input
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