ECON 110 Read & Interact Schiller & Gephardt Chapter 8 solutions complete answers

ECON 110 Read & Interact Schiller & Gephardt Chapter 8 solutions complete answers 

 

Most universities tend to pay college professors according to their _______ — that is, the amount the professors could earn elsewhere.

 

A minimum wage   (lower/higher) than equilibrium will cause the number of willing workers to jump.

 

Based on the table, which field is likely to have the highest MRP?

 

A firm's labor demand curve is the:

 

The _______ schedule is also the firm's demand schedule for labor or any production input because it shows the quantity of labor that will be hired (demanded) based upon the revenues each additional unit of labor hired produces.

 

If the MPP is falling, the MRP will be:

 

The decreasing marginal physical product from the addition of an extra unit of labor is due to which of the following?

 

As one more additional worker is added to fixed capital such as plant and equipment, the marginal physical product, or additional output, will fall. This statement describes the law of:

 

The marginal revenue product schedule is also the firm's demand schedule for labor or any production input because:

 

Suppose that John can produce 2 units per hour of a product with a market price of $5 (a marginal revenue product of $10 per hour). We would hire him if his wage rate was:

 

Workers receive income payments (wages) at the maximum equal to the marginal contributions they make to their employers' outputs and revenues. This means that:

 

Marginal physical product declines because

 

The marginal physical product of a variable input declines as more of it is employed with a given quantity of other (fixed) inputs. This statement describes the law of:

 

Suppose that John can produce 2 units per hour of a product with a market price of $10 (a marginal revenue product of $20 per hour). We would hire him if his wage rate was:

 

The price paid per unit of labor services, in many cases paid per hour of work, is the

 

______ refers to the fact that demand for labor and other factors of production depends on the demand for final goods and services.

 

The quantities of labor that employers are willing and able to hire at alternative wage rates in a given time period, ceteris paribus, is the   for labor.

 

The demand for labor is the quantities of labor that employers are willing and able to hire at alternative _______.

 

The upward slope of an individual’s labor supply curve is a reflection of the _______ opportunity cost of labor and the _______ marginal utility of income as a person works more hours.

 

To induce people to work more hours per week, employers must pay

 

The upward slope of an individual’s labor supply curve is a reflection of which two phenomena?

 

Rates of pay must increase to compensate for the increasing   cost of labor.

 

The willingness and ability to work specific amounts of time at alternative wage rates in a given time period is called labor      .

 

The amount of leisure time that is given up in order to work is commonly thought of as the _____.

 

Rates of pay must increase to compensate for increasing       cost of labor.

 

The upward slope of an individual’s labor supply curve is thus a reflection of which two phenomena:

 

What must be done by employers to induce workers to work more hours per week?

 

The willingness and ability to work specific amounts of time at alternative wage rates in a given time period is called:

 

If Carlos declines to work extra hours because he earns enough to pay for all of his expenses and instead wants to spend time with his family, then Carlos is behaving as if the marginal utility of income:

 

The opportunity cost of work is:

 

The total quantity of labor that workers are willing and able to supply at alternative wage rates in a given time period, ceteris paribus, is the

 

Wages must increase to compensate for the

 

The market supply curve of labor slopes upward, which indicates that

 

The upward slope of an individual’s labor supply curve is thus a reflection of the _______ opportunity cost of labor and the _______ marginal utility of income as a person works more hours.

 

The demand for labor is the quantities of labor employers are willing and able to hire at alternative _______.

 

To induce people to work more hours of work per week, employers must pay

 

If Emily decides to work fewer hours because she earns enough to pay for all of her expenses and instead wants to spend time with her friends, then Emily is behaving as if the marginal utility of income _____. 

 

The total quantity of labor that workers are willing and able to supply at alternative wage rates in a given time period, ceteris paribus, is the market       of labor.

 

The quantities of labor employers are willing and able to hire at alternative wage rates in a given time period, ceteris paribus, is the

 

The quantity of labor demanded by employers depends on

 

Firms that want to hire workers or encourage current workers to work more hours

 

      demand is demand for labor inputs to be used indirectly to satisfy consumer demand in the production of final goods and services.

 

Suppose home builders report to the federal government that housing starts have risen by 20% over the last quarter. How will this affect demand for labor used to build homes?

 

The derived demand for resources by producers for a product will be low when:

 

The quantity of labor demanded depends on

 

The price paid per unit of labor services, in many cases paid per hour of work, is referred to as the

 

The fact that demand for labor and other factors of production depends on the demand for final goods and services is known as:

 

The extra revenue generated by additional workers depends on the marginal physical product of the workers and the ______ for the products they are helping to produce.

 

When the demand for personal computers increases,

 

When the demand for a product declines, the demand for workers to produce that product _______.

 

Calculate marginal revenue product when the fifth worker is hired. Assume the price of a box of strawberries is $10.

 

The change in total revenue associated with one additional unit of input is:

 

The price of labor is known as the       rate.

 

The extra revenue generated by firms when they add labor depends on:

 

The marginal revenue product sets an _______ limit to the wage rate an employer will pay.

 

Which of the following best describes derived labor demand?

 

Calculate marginal revenue product when the second worker is hired. Assume the price of a box of strawberries is $15.

 

The ______ measures the change in total revenue associated with one additional unit of input.

 

Suppose that John can produce 2 units per hour of a product with a market price of $10 (a marginal revenue product of $20 per hour), we would hire him if his wage rate was:

 

The       rate is the price paid per unit of labor services, in many cases for an hour of work.

 

_______ tends to decline as additional workers are hired.

 

Workers earn wages ______ the contributions they make to their employers’ marginal revenue product.

 

The marginal physical product of a variable input declines as more of it is employed with a given quantity of other (fixed) inputs describes the law of:

 

Calculate marginal revenue product when the fifth worker is hired. Assume the price of a box of strawberries is $15.

 

Suppose that John can produce 2 units per hour of a product with a market price of $5 (a marginal revenue product of $10 per hour), we would hire him if his wage rate was:

 

Marginal physical product tends to _______ as additional workers are hired.

 

The decreasing marginal physical product from the addition of an extra unit of labor is due to which of the following:

 

The _______ sets an upper limit to the wage rate an employer will pay.

 

Diminishing marginal physical product means that marginal revenue product is      .

 

As one more additional worker is added to fixed capital such as plant and equipment, the marginal physical product, or additional output, will fall. This describes the law of:

 

The marginal revenue product schedule is also the firms demand schedule for labor or any production input because:

 

Every firm will hire labor up to the point where the marginal revenue product is equal to the market       rate.

 

Marginal physical product ______ as more people must share limited inputs.

 

The marginal revenue product (MRP) curve is a firm's labor       curve.

 

If the MPP is falling the MRP will be:

 

Given the MRP, how many workers would be hired if the wage rate is $4?

 

The _______ schedule is also the firms demand schedule for labor or any production input because it shows the quantity of labor that will be hired (demanded) based upon the revenues each additional unit of labor hired produces.

 

Each identical worker is worth no more than the marginal revenue product of the last worker hired and each identical worker

 

A firm will hire workers up to the point at which the wage rate is equal to its:

 

Based on the table which field is likely to have the highest MRP?

 

Match the determinants of labor demand and labor supply.

 

A firms labor demand curve is the:

 

Which of the following summarizes the relationship between the market demand for labor and the level of wages?

 

Given the MRP, how many workers would be hired if the wage rate is $6?

 

Each identical worker is worth no more than the marginal revenue product of the last worker hired and each identical worker is paid the same       rate.

 

What determines the equilibrium wage rate and level of employment in a competitive labor market?

 

Which of the following is an economic reason that many college football coaches make more money than university presidents?

 

In a labor market, the intersection of labor supply and labor demand determines the prevailing wage rate and also the level of _______ as well.

 

Wages can increase without sacrificing jobs if:

 

Given the MRP, how many workers would be hired if the wage rate is $8?

 

If labor productivity (MPP) rises, labor demand will _______.

 

In a _______ market the intersection of market demand and market supply determines the equilibrium wage.

 

Which of the following summarizes the significance of worker productivity and product demand in helping to determine high pay rates?

 

The point at which the market labor demand curve and the market labor supply curve intersect determines the ______ wage rate and level of labor ______ in a labor market.

 

If the price of a product were to triple, marginal revenue product associated with the production of the product will 

 

Increasing productivity (MPP) can lead to:

 

______ will cause employers to hire fewer workers.

 

Which of the following is most likely to result in high wage rates?

 

______ will cause the number of willing workers to jump.

 

If labor productivity (MPP) _______, wages can increase without sacrificing jobs.

 

A minimum wage

 

When labor is highly productive and product demand is strong, which of the following are common effects on the available workforce?

 

The minimum wage may       quantity of labor demanded, yet those workers who remain employed end up with higher wages than before.

 

If the price of a product were to double, marginal revenue product associated with the production of the product will

 

To get and maintain an above-equilibrium wage, a union must

 

A minimum wage       (higher/lower) than equilibrium will cause employers to hire fewer workers.

 

Workers excluded from a union will find opportunities in other industries but they will see their       fall.

 

A minimum wage       than equilibrium will cause the number of willing workers to jump.

 

Most universities tend to pay college professors according to their _______ -- that is, the amount the professors could earn elsewhere.

 

The minimum wage _______ wages and creates a labor market _______ by reducing the quantity of labor demanded and increasing the quantity of labor supplied.

 

Through the exclusion of workers, a union is able to

 

If an industry was to unionize:

 

The highest wage an individual would earn in the best alternative job is known as the

 

Generally, the opportunity cost of working is

 

Firms that want to hire more workers or encourage current workers to work more hours must pay ______ wage rates to attract them away from the alternative job opportunities available to them.

 

The quantities of labor employers are willing and able to hire at alternative wage rates is known as

 

Workers receive income payments (wages) at the maximum equal to the marginal contributions they make to their employers’ outputs and revenues means that: 

 

The intersection of market supply and demand determines the _________ in a competitive labor market.

 

The ______ creates a labor market surplus by reducing the quantity of labor demanded and increasing the quantity of labor supplied.

 

The marginal revenue product measures how much each additional unit of labor adds to ______ revenue.

 

A firm will hire workers up to the point at which the _____rate is equal to its marginal revenue product.

 

Each firm will hire labor up to the point where the marginal revenue product is

 

Given the MRP, how many workers would be hired if the wage rate is $2?