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AP Microeconomics Please help me with these 4 questions: [T (e Question 6 0/ 3 pts | (05.02 MC) Use the graph to answer the
AP Microeconomics
Please help me with these 4 questions:
[T (e Question 6 0/ 3 pts | (05.02 MC) Use the graph to answer the question that follows. Automotive Industry Wage Rate ($) Quantity (labor) (labor) Based on the graph, which of the following factors can cause the market labor demand curve in the automotive industry to shift from D1 to Dz? A decrease in the human capital of automotive workers An increase in the demand for automobiles An increase in immigration from foreign countries An increase in the wage rate of automotive workers A decrease in the marginal revenue product of labor BT ouestion 10 0/3pts (05.03 MC) Use the table to answer the question that follows. Quantity of Labor MP of Labor | Quantity of Capital | MP of Capital 1 30 1 50 2 25 2 40 3 20 3 35 4 J 15 4 J 15 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 2 units of labor; 1 unit of capital 3 units of labor; 4 units of capital 4 units of labor; 4 units of capital 5 units of labor; 5 units of capital Question 13 0/3pts (05.04 MC) Which of the following is correct about a monopsonistic market? Resources are efficiently allocated. There is one seller and many buyers. The monopsony has a lower quantity transacted as in a perfectly competitive market, ceteris paribus. The supply curve is horizontal and is equal to the average cost of labor. Purchase of an additional unit decreases the price of that unit and of the existing units being purchased. Question 16 RhE (05.04 MC) In a monopsonistic market, firms will hire where marginal resource cost equals and pay a down to the supply curve. marginal revenue product of labor; wage rate marginal revenue product of labor; product price marginal factor cost; wage rate marginal factor cost; product price marginal product; product priceStep by Step Solution
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