27. A firm's demand curve for labor in a perfectly competitive market is its: a marginal factor cost curve b marginal revenue product of labor curve marginal product of labor d its product's demand curve. 28. A person at the store buys the combination of goods that gives her the highest marginal utility the highest total utility the highest marginal revenue. dthe highest total revenue 29. To make the producer of an externality feel the harm himself he is doing to others is called: a helping the needy internalizing the externality cfixing the broken drighting the wrong 30. Why would someone need to use a signal to transmit some information to another person rather than just telling them? Because the other person might think the first person Because they two people might be far apart Because the first person can then charge a fee for transmitting the information dAll of the above n[lying 31. Which of the following could be signals a used car seller could use to convince a possible buyer that the car is a good one A back A long warranty allowing the buyer to have his mechanic check out the car dall of the above The theory of education is that education increases a worker's value to an employer by a teaching the potential worker valuable skills b showing the potential worker is willing and able to learn enabling him to make connections in college which will be useful later in life dboth a and c 32. The signaling theory of education is that education increases a worker's value to an employer by ateaching the potential worker valuable skills. bshowing the potential worker is willing and able to learn. enabling him to make connections in college which will be useful later in life. dboth a and c33 Why did the workers in our model of wages and hiring have decreasing Marginal Revenue Products The average- marginal rule Diminishing marginal returns The price of the product was falling as more was The law of increasing opportunity cost

27. A firm's demand curve for labor in a perfectly competitive market is its a marginal factor cost curve. b. marginal revenue product of labor curve c. marginal product of labor. d. its product's demand curve. 28. A person at the store buys the combination of goods that gives her. a. the highest marginal utility. b. the highest total utility. c. the highest marginal revenue. d. the highest total revenue. 29. To make the producer of an externality feel the harm himself he is doing to others is called: a. helping the needy. b. internalizing the externality. c. fixing the broken. d. righting the wrong 30. Why would someone need to use a signal to transmit some information to another person rather than just telling them? a. Because the other person might think the first person is lying b. Because they two people might be far apart. c. Because the first person can then charge a fee for transmitting the information. d. All of the above. 31 Which of the following could be signals a used car seller could use to convince a possible buyer that the car is a good one? a. A money back guarantee bl A long warranty. cl allowing the buyer to have his mechanic check out the car d. all of the above. 32. The signaling theory of education is that education increases a worker's value to an employer by! a teaching the potential worker valuable skills. by showing the potential worker is willing and able to learn G enabling him to make connections in college which will be useful later in life d. both a and c 334 Why did the workers in our model easing Marginal Revenue Products? a The average-marginal rule. b. Diminishing marginal returns. c! The price of the product was falling as more was made d. The law of increasing opportunity costs