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4. For a perfectly competitive firm in both the product market and the factor market, the demand curve for labor slopes downward due to a. market power. b. economies of scale. c. diseconomies of scale. d. diminishing marginal returns. e. increasing marginal returns. 5. If marginal product is positive and falling as the firm hires more workers, then a. total product is rising at a decreasing rate. b. total product is falling at a decreasing rate. c. average product must be falling. d. the marginal revenue product of labor is increasing. e. the diminishing returns to labor are decreasing. Use the following production data for a firm operating in both a perfectly competitive product market and a perfectly competitive factor market to answer Questions 6-8. Number of workers Total output/hour 10 2 22 3 30 36 40 43 45 8 46 6. Based on the production data above, at what level of employment does the firm begin to experience diminishing marginal returns? a. There are no diminishing marginal returns. b. 3 workers c. 4 workers d. 5 workers e. 6 workers7. Assume the firm sells its product for $2 each and must pay each worker $8 per hour. What is the marginal revenue product of labor for the second worker? a. $10 b. $22 c. $24 d. $60 e. $176 8. Assume the firm sells its product for $2 each and must pay each worker $8 per hour. How many workers should the firm hire in order to maximize profit? a. 2 workers b. 3 workers c. 5 workers d. 6 workers e. 8 workers 9. Which of the following would shift the demand curve for labor to the right? a. a decrease in the wage rate b. an increase in the wage rate c. an increase in labor productivity d. a decrease in the final price of the product produced e. a decrease in the availability of physical capital per worker 10. Suppose a firm produces coffee mugs in a perfectly competitive output market. Which of the following would shift the firm's demand curve for labor to the left? a. an increase in the demand for mugs b. a decrease in the price of mugs c. an increase in the price of mugs d. improvements in technology that increase the marginal product of labor e. an increase in the availability of physical capital per worker 11. Suppose a firm hires labor in a perfectly competitive labor market. If the marginal revenue product is less than the wage, the firm should definitely a. shut down in the short run. b. shut down in the long run. c. hire more workers. d. hire fewer workers.11. Suppose a firm hires labor in a perfectly competitive labor market. If the marginal revenue product is less than the wage, the firm should definitely a. shut down in the short run. b. shut down in the long run. c. hire more workers. d. hire fewer workers. e. not change the number of workers it hires. 12. Compared to the supply curve for capital, the supply curve for land is a. flatter, more elastic, and more responsive to factor prices. b. flatter, less elastic, and less responsive to factor prices. c. steeper, more elastic, and more responsive to factor prices. d. steeper, less elastic, and less responsive to factor prices. e. steeper, more elastic, and less responsive to factor prices. 13. The supply curve for labor slopes downward when a. the substitution effect outweighs the income effect. b. the income effect outweighs the substitution effect. c. the substitution effect equals the income effect. d. workers experience an overall decrease in wealth. e. wage rates are at very low levels. 14. The supply curve for labor may shift to the left due to a. an increase in wealth. b. an increase in the wage rate due to the income effect. c. a decrease in the wage rate due to the income effect. d. an increase in the wage rate due to the substitution effect. e. a decrease in the wage rate due to the substitution effect. 15. For a monopsony, the marginal factor cost of labor curve lies above the supply curve at every quantity of labor due to a. diminishing marginal returns. b. increasing marginal returns. c. different workers receiving different wage rates. d. all workers receiving the same wage rate. e. decreasing opportunity cost of leisure. 16. Compared to a competitive labor market, a firm with monopsony power in the labor market would pay a a. higher wage rate and hire more workers. b. higher wage rate and hire fewer workers. c. lower wage rate and hire more workers. d. lower wage rate and hire fewer workers. e. lower wage rate but hire the same amount of workers