1. To maximize profits, a firm will employ workers until for the last worker emp

ID: 1213122 • Letter: 1

Question

1. To maximize profits, a firm will employ workers until for the last worker employed:

marginal product of labor is equal to the nominal wage rate.

the value of the marginal product of labor is equal to the wage rate.

the value of the marginal product of labor is equal to the price per unit of output.

the value of the marginal product of labor is as high as possible.

2. Manufactured resources such as equipment, buildings, and tools are also known as:

human capital.

labor.

physical capital.

natural resources.

3. A custodian willing to work the 11 P.M. to 7 A.M. shift may earn more than a custodian who works 7 A.M. to 3 P.M. shift because of:

discrimination.

market power.

compensating differentials.

efficiency wages.

marginal product of labor is equal to the nominal wage rate.

the value of the marginal product of labor is equal to the wage rate.

the value of the marginal product of labor is equal to the price per unit of output.

the value of the marginal product of labor is as high as possible.

2. Manufactured resources such as equipment, buildings, and tools are also known as:

human capital.

labor.

physical capital.

natural resources.

3. A custodian willing to work the 11 P.M. to 7 A.M. shift may earn more than a custodian who works 7 A.M. to 3 P.M. shift because of:

discrimination.

market power.

compensating differentials.

efficiency wages.

1. To maximize profits, a firm will employ workers until for the last worker employed:

** The value of the marginal product of labor is equal to the wage.

2. Manufactured resources such as equipment, buildings, and tools are also known as:

** Physical capital.

3. A custodian willing to work the 11 P.M. to 7 A.M. shift may earn more than a custodian who works 7 A.M. to 3 P.M. shift because of:

** Compensating differentials.

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