Information Use the labor demand data on the left and the labor supply data on t

Question

Information

Use the labor demand data on the left and the labor supply data on the right in answering the following four questions:

Question 11 (1 point)

On the basis of the given information:

Question 11 options:

a. the firm's labor supply curve is up sloping.

b. we cannot say whether the firm's product market is purely or imperfectly competitive.

c. we can say that the firm is selling its products in a purely competitive market.

d. we can say that that firm is selling its product in an imperfectly competitive market.

Save

Question 12 (1 point)

The firm's labor supply curve is:

Question 12 options:

a. such that it does not intersect the labor demand curve.

b. up sloping.

c. perfectly inelastic.

d. perfectly elastic.

Save

Question 13 (1 point)

The firm is hiring labor:

Question 13 options:

a. at a wage rate, which exceeds labors MRP.

b. under purely competitive conditions.

c. in an imperfectly competitive market.

d. as monopolist.

Save

Question 14 (1 point)

The firm will maximize profits (or minimize losses) by:

Question 14 options:

a. closing down in the short run.

b. hiring five workers.

c. hiring four workers.

d. hiring 3 workers.

e. hiring 2 workers.

Employment Total Product Product Price Employment Wage Rate 0 0 $3 0 $11 1 14 3 1 11 2 26 3 2 11 3 35 3 3 11 4 42 3 4 11 5 46 3 5 11 6 48 3 6 11

Explanation / Answer

12)

perfectly elastic.

the above is answer..

because supply curve in this case horizontal as employment is increasing at the same wage rate.

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---