16 questions, let me know if anything else is needed!

Question 1(Multiple Choice Worth 3 points) Question 2(Multiple Choice Worth 3 points) Question 4(Multiple Choice Worth 3 points) (05.04 MC) (05.03 MC) (05.02 MC) The graph below represents the labor supply curve of a monopsonistic firm. Use the table to answer the question that follows. Use the graph to answer the question that follows. MFCL Quantity of Labor | MP of Labor| Quantity of Capital | MP of Capital Telecommunications Industry WS 30 50 Wage Rate ($) 2 25 2 40 Wage Rate ($) 3 20 3 35 15 15 Labor supply W4 5 10 5 5 What combination of labor and capital would satisfy the input hiring rule that minimizes the cost of production, if the price of labor is $10 and the price of capital is $20? 1 unit of labor; 3 units of capital W2 O 2 units of labor; 1 unit of capital MRPL O3 units of labor; 4 units of capital 4 units of labor; 4 units of capital Q1 Q2 03 Quantity (labor) 5 units of labor; 5 units of capital If the firm above hired labor at the quantity Q2, what wage rate would it pay? Quantity Question 3(Multiple Choice Worth 3 points) (labor) OW1 (05.04 MC) Based on the graph, which of the following factors can cause the market labor supply curve for the telecommunications industry to shift from S, to S2? OW2 In a monopsonistic market, firms will hire where equals marginal revenue product and pay a wage rate down to the O A decrease in the number of workers qualified to work in telecommunications OW3 O demand; product price O A shift in cultural values toward work within telecommunications W4 O demand; supply curve O A decrease in the number of domestic residents emigrating to foreign countries OW5 O marginal factor cost; product price O A decrease in the wage rate of all telecommunications workers within the country O A decrease in the value of leisure time by all domestic telecommunications workers O marginal factor cost; supply curve O supply; product priceQuestion 5(Multiple Choice Worth 3 points) Question 7(Multiple Choice Worth 3 points) (05.01 MC) (05.02 HC) Use the graph to answer the question that follows. Advanced robotics become a much stronger substitute production factor than labor to produce Good A. At the same time, the government increases licensing requirements to be a laborer producing Good A. What would happen to the market equilibrium quantity of labor and wage rate for specialized labor to produce A? O The quantity of labor increases, and the wage rate increases. The quantity of labor decreases, and the wage rate increases. Marginal Product The effect on the quantity of labor is indeterminate, and the wage rate decreases. The quantity of labor decreases, and the effect on the wage rate is indeterminate. TTTTTTTTT The quantity of labor and the wage rate both remain constant. Question 8(Multiple Choice Worth 3 points) Based on the chart above, if the product sells at a price of $2 per unit, what is the marginal revenue product of the fourth unit of labor? (05.03 MC) O About $14 If the wage in a perfectly competitive labor market is $15 and the marginal product of the last worker employed is 3 units, what must be the market price for the good being O About $18 produced? Assume a perfectly competitive output market. O About $28 O About $36 O $12 O Indeterminate $15 Question 6(Multiple Choice Worth 3 points) (05.02 MC) O $18 O $45 If the demand for a good decreases significantly, then Question 9(Multiple Choice Worth 3 points) O only the quantity demanded of labor for the good decreases (05.01 MC) O the demand for the labor used to make the good increases Suppliers of factors of production in a perfectly competitive market respond to higher factor prices by of their factors, ceteris paribus. O changing the quality O the demand for the labor used to make the good decreases O increasing the productivity O the quantity of labor supplied to produce the good will decrease O decreasing the productivity O increasing the quantity available O the supply of labor to produce the good will increase decreasing the quantity availableQuestion 10(Multiple Choice Worth 3 points) my Question 13(Multiple Choice Worth 3 points) (05.02 MC) (05.04 MC) Use the graph to answer the question that follows. The marginal benefit to suppliers will be less than the marginal cost to the single buyer. This describes O perfect competition O monopolistic competition Wage Rate ($) O an oligopoly O a monopoly O a monopsony Question 11(Multiple Choice Worth 3 points) (05.01 MC) The number of units of output that a machine will produce decreases, ceteris paribus. What will this do to the demand for this capital? O Demand will increase. Quantity (labor) Demand will decrease. Based on the graph, which of the following factors can cause the market labor demand curve in the automotive industry to shift from D, to D2? There will be no change in demand. O A decrease in the human capital of automotive workers Demand will not change, but quantity demanded will decrease. O An increase in the cost of robotics used as a labor substitute Demand will not change, but quantity demanded will increase. O An increase in immigration from foreign countries An increase in the wage rate of automotive workers O A decrease in the marginal revenue product of labor Question 12(Multiple Choice Worth 3 points) Question 14(Multiple Choice Worth 3 points) (05.03 MC) (05.04 MC) A firm in a perfectly competitive labor market is employing labor where the marginal revenue product of the last unit is $20 and the marginal factor cost is $10. Based on this, the firm should Which of the following is correct about a monopsonistic market? O employ more units of labor O Without government intervention, it will result in inefficient resource allocation. O employ fewer units of labor There is one seller and many buyers. O lower its offered wage for labor The monopsony has the same quantity transacted as in a perfectly competitive market. O increase its offered wage for labor O The supply curve is horizontal and is equal to the average cost of labor. use more capital instead of labor O Purchase of an additional unit decreases the price of that unit and of the existing units being purchased.Question 15(Multiple Choice Worth 3 points) Question 16(Multiple Choice Worth 3 points) (05.01 MC) (05.03 HC) In the factor market, make up demand and provide the supply. Use the data in the tables to answer the question that follows. O households; businesses Market Firm O households; the government Price of Output Quantity Supplied of Output Quantity Demanded of Output Quantity of Labor Total Product $5 25,000 60,000 0 0 O households; entrepreneurs $10 50,000 50,000 15 105 government; business firms $15 75,000 40,000 30 190 $20 100,000 30,000 45 265 O businesses; households $25 125,000 20,000 60 325 What is the marginal revenue product of the 60th unit of labor, assuming this market is perfectly competitive in both the factor and output markets? O $30 O $40 O $60 O $75 O $3,250