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17. Assume an effective minimum wage is imposed on a monopsony labor market, and the minimum wage is set below the wage that would exist in a perfectly competitive market. Employment would a. decrease, and there would be unemployment. b. decrease, and there would be a shortage of workers. c. increase, but there would be a shortage of workers. d. increase, but there would be unemployment. e. increase, and there would be no shortages or surpluses of labor. 18. Assume a firm is operating as a monopolist in the product market and as a perfect competitor in the factor market. The firm's demand curve for labor will be a. horizontal due to the competitive labor market. b. horizontal due to the effects of market power. c. downward-sloping due to diminishing marginal returns and decreasing marginal revenue. d. downward-sloping due solely to diminishing marginal returns. e. downward-sloping due solely to decreasing marginal revenue. 19. If a former monopolist in the product market begins to face competition as firms enter the market, the firm's demand curve for labor would a. not change. b. become more elastic. c. become less elastic. d. show the effects of more rapidly diminishing marginal returns. e. show the effects of less rapidly diminishing marginal returns. 20. Suppose that a firm is currently producing its desired quantity of output and that the firm's marginal product of labor is 20, its marginal product of capital is 100, the wage rate for labor is $5, and the rent for capital is $25. All data are per hour. The firm should a. employ more labor and rent more capital. b. employ less labor and rent less capital. c. employ less labor and rent more capital. d. employ more labor and rent less capital. e. employ the current amount of labor and rent the current amount of capital.21. According to marginal productivity theory, a factor of production will be paid based on the a. increase in revenue generated by the last unit of the factor employed in the market. b. increase in output generated by the last unit of the factor employed in the market. c. average revenue generated by the factor of production employed in the market. d. average output generated by the factor of production employed in the market. e. average revenue generated by all factors of production employed in the market. 22. According to marginal productivity theory, wage inequality in perfectly competitive markets can be attributed to a. compensating differentials. b. union activity. c. discrimination. d. efficiency wages. e. the similarity in quality and quantity of human capital among all workers. 23. An increase in which of the following practices would help to minimize wage inequality in labor markets? a. discrimination b. compensating differentials c. efficiency wages d. educational opportunities for the poor e. the wages paid to workers that produce a higher value of marginal product 24. Efficiency wages are wages that a. are below the market equilibrium wage. b. are above the market equilibrium wage. c. never deviate from the market equilibrium wage. d. result in lower levels of worker productivity. e. necessitate greater amounts of worker supervision. 25. Firms that pay efficiency wages do so primarily to a. save money on wages. b. increase customer loyalty. c. increase worker productivity and loyalty. d. replace workers with machines. e. reduce wage inequality