ECO212: Principles of Microeconomics 26) In the above table, what is the margina

Question

ECO212: Principles of Microeconomics

26) In the above table, what is the marginal revenue product of the 4th worker? A) $92
B) $70
C) $40

D) $8

27) In the above table, if the marginal factor cost is $48, how many workers would be hired?
A) 3
B) 4

C) 5

D) 6

28) Labor unions composed of workers who engage in a particular trade or skill, such as carpentry, are called
A) craft unions.
B) industrial unions.

C) collective unions.

D) closed unions.

29) Collective bargaining refers to
A) negotiations between workers and health officials.
B) negotiations between management of a company and a labor union. C) farming methods in Marxist states.
D) the process of electing union leaders.

Quantity of workers Total Product Marginal Physical Product Price of Final Product Marginal Revenue Product 1 7 $10 2 18 9 3 30 8 4 40 7 5 48 6 6 52 5

Explanation / Answer

28) Craft unions are where labors of particular skill set form a union. Answer A.

29) "Collective bargaining is a process of negotiation between employees and a group of employers aimed at agreements to regulate working salaries. The interests of the employees are commonly presented by representatives of a trade union to which the employees belong." Answer B.

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