2. Match the name of the payment with the correct resource: Profit Rent Interest Wage Labor: Land: Physical Capital: Entrepreneurship: 3. Labor demand curves are downward sloping because there is relationship an) between and 4. Read each scenario and indicate with an "X" if the demand for labor would increase or decrease as a result. Decrease Increase There is an increase in the productivity of workers. There is an increase in the price of the product. There is a decrease in demand for the product. There is a decrease in the price of physical capital when it is a substitute for labor. There is a decrease in the price of physical capital when it is a complement to labor. The marginal revenue product of workers increases. 5. Take a look at the tables below. QL is the quantity of labor, TP is the total product, and MP is the marginal product. For table A calculate the marginal revenue product for each worker. For table B calculate marginal product, then calculate the marginal revenue product. The product price is $5 and zero workers will produce no output. Table A Table B QL MP MRP OL TP MP MRP 1 10 1 15 2 12 2 40 3 8 3 58 6 72 6. Labor supply curves are upward sloping because there is a(n) relationship between and 7. Read each scenario and indicate with an "X" if the supply of doctors in the United States would increase or decrease as a result. Decrease Increase There is an increase in the number of medical programs at universities. People with medical degrees lower their desire for leisure. Investment banks around the world begin hiring people with medical degrees. People with medical degrees immigrate to the United States. The educational requirements needed to be a doctor are increased. B. Read the scenarios below and determine what would happen to the equilibrium wage and equilibrium quantity of construction workers hired. Wage Quantity There is an increase in the demand for new home construction. The government imposes an effective minimum wage for construction workers. New building regulations decrease the productivity of construction workers. A large number of construction workers retire. Shop classes in high schools and junior colleges train new construction workers