D j 8,(05.02HC) Robots become a strong substitute factor for human workers in producing Good A, At the same time. the licensing fees increase for human workers who produce Good A, What would happen to the market equilibrium quantity of labor and wage rate for specialized labor to produce A? (3 points) 0 The quantity of labor increases, and the wage rate increases The quantity of labor decreases, and the wage rate increases, 0 The effect on the quantity of labor is indeterminate, and the wage rate decreases. O The quantity of labor decreases, and the effect on the wage rate is indeterminate. O The quantity of labor and the wage rate both remain constant Use the graph to answer the question that follows. (3 points) Automotive Industry Wage Rate (5) (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 D2? 0 A decrease in the human capital of automotive workers An increase in the cost of robotics used as a labor substitute 0 An increase in immigration from foreign countries 0 An increase in the wage rate of automotive workers 0 A decrease in the marginal revenue product of labor Use the graph to answer the question that follows. (3 points) Telecommunications Industry Wage Rate (S) Quantity (labor) Based on the graph, which of the following factors can cause the market labor supply curve for the telecommunications industry to shift from S1 to 82? A decrease in the number of workers qualied to work in telecommunications O A shift in cultural values toward work within telecommunications O A decrease in the number of domestic residents emigrating to foreign countries 0 A decrease in the wage rate of all telecommunications workers within the country 0 A decrease in the value of leisure time by all domestic telecommunications workers Use the table to answer the question that follows. Quantity of Labor MP of Labor Quantity of Capital MP of Capital 1 30 'i 50 2 25 2 40 3 20 3 35 4 15 4 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? (3 points) O 1 unit of labor; 3 units of capital 2 units of labor; 1 unit of capital 0 3 units of labor; 4 units of capital 0 4 units of labor; 4 units of capital 0 5 units of labor; 5 units of capital [3 13.(05.04MC) Which of the following is correct about a monopsonistic market? (3 points) 0 Resources are efciently allocated. Q There is one seller and many buyers. The monopsony has a lower quantity transacted as in a perfectly competitive market, ceteris paribus. O The supply curve is horizontal and is equal to the average cost of labor. 0 Purchase of an additional unit decreases the price of that unit and of the existing units being purchased [3 1. (05.01 MC) If the price of a factor of production decreases, ceteris paribus, the suppliers of that factor will respond by (3 points) 0 changing the quality 0 increasing the quantity available 0 increasing the productivity 0 decreasing the productivity decreasing the quantity available I 3 3. (05.01 MC) The number of units of output that a machine will produce decreases, ceteris paribus. How will this change in productivity affect demand for the machine? (3 points) Demand will increase. 0 Demand will decrease. 0 There will be no change in demand. 0 Demand will not change, but quantity demanded will decrease. 0 Demand will not change, but quantity demanded will increase