Microeconomics help

(05.01 MC) In the factor market, make up demand and provide the supply. O households; businesses O households; the government O households; entrepreneurs government; business firms O businesses; households(05.04 MC) In a monopsonistic market, firms will hire where marginal resource cost equals and pay a down to the supply curve. O marginal revenue product of labor; wage rate O marginal revenue product of labor; product price O marginal factor cost; wage rate O marginal factor cost; product price O marginal product; product price(05.03 MC) A firm in a perfectly competitive labor market is employing labor where the marginal revenue product of the last unit is $20 and the marginal factor cost is $10. Based on this, the firm should employ more units of labor O employ fewer units of labor O lower its offered wage for labor O increase its offered wage for labor O use more capital instead of laborUse the graph to answer the question that follows. Telecommunications Industry Wage Rate ($) Sa D 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 S2?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 S2? An increase in the marginal revenue product of every telecommunications firm A shift in cultural values toward work within telecommunications A decrease in the number of domestic residents emigrating to foreign countries An increase in the wage rate of all telecommunications workers within the country An increase in the value of leisure time by all domestic telecommunications workers Question 12(Multiple Choice Worth 3 points) (05.04 MC) The purchase of an additional unit increases the price of the unit and of the existing units being purchased. This describes perfect competition monopolistic competition O an oligopoly a monopoly a monopsonyUse the table to answer the question that follows. Market Firm Price of Quantity Supplied of Output Quantity Demanded of Output Quantity of Total Output (thousands) (thousands) Labor Product $5 25. 60 0 0 $10 50 50 15 105 $15 75 40 30 190 $20 100 30 45 265 $25 125 20 60 325 What is the marginal revenue product of the 45th unit of labor, assuming this market is perfectly competitive in both the factor and output markets? $30 $50 O $63 O $75 $2,650Quantity of Labor | MP of Labor | Quantity of Capital MP of Capital 30 1 50 N 25 N 40 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 $5 and the price of capital is $20? 1 unit of labor; 3 units of capital O 2 units of labor; 1 unit of capital 3 units of labor; 4 units of capital 4 units of labor; 4 units of capital 5 units of labor; 2 units of capitalIf the demand for a good decreases significantly, then only the quantity demanded of labor for the good decreases the demand for the labor used to make the good increases the demand for the labor used to make the good decreases the quantity of labor supplied to produce the good will decrease the supply of labor to produce the good will increase Question 16(Multiple Choice Worth 3 points) (05.01 MC) The number of units of output that an acre of land will produce increases, ceteris paribus. What will this do to the demand for this land? Demand will increase. Demand will decrease. There will be no change in demand. Demand will not change, but quantity demanded will decrease. Demand will not change, but quantity demanded will increase.Based on the graph, which of the following factors can cause the market labor demand curve in the automotive industry to shift from D1 to D2? O A decrease in the human capital of automotive workers O A decrease in the cost of robotics used as a labor substitute An increase in immigration from foreign countries O An increase in the wage rate of automotive workers O An increase in the marginal revenue product of laborUse the graph to answer the question that follows. Automotive Industry S, Wage Rate ($) D. DI Quantity (labor)Which of the following is correct about a monopsonistic market? O 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.(05.03 MC) A firm operates in a perfectly competitive output market with a product price of $12. If the marginal product of the last worker employed is 3 units and the firm competes in a perfectly competitive labor market, then the wage must be O $4 O $9 O $12 O $15 $36Use the graph to answer the question that follows. 30- Marginal Product TTTTTTTTT Labor Based on the chart above, if the product sells at a price of $3 per unit, what is the marginal revenue product of the second unit of labor? $30 O $45 O $90 Next Question$120 O Indeterminate Question 6(Multiple Choice Worth 3 points) (05.04 MC) The graph below represents the labor supply curve of a monopsonistic firm. Wage Rate ($) MFCL WS W4 Labor supply W3 W2 WI - - -- MRPL Q1 Q2 Q3 Quantity (labor)What area represents the deadweight loss in the market above? O The triangle to the right of Q1, above W1, up to MRPL The triangle to the left of Q2, between Labor supply and MFCL, to their intersection point. The triangle to the right of Q1, between Labor supply and MRPL to their intersection point The triangle between the intersection of MFCL and MRPL and Q2 O There is no deadweight loss in this market(05.01 MC) If the productivity of a factor of production increases, ceteris paribus, those demanding that factor will respond by O lowering their quantity demanded O increasing their demand O decreasing what they will pay for the factor O producing more of that factor O utilizing less of that factor(05.02 HC) Assume that the demand for bicycles increases significantly at the same time that there is an increase in the number of people qualified to make bicycles. What would happen to the market equilibrium quantity of labor and wage rate for the labor to produce bicycles? The quantity of labor and the wage rate both remain constant. The quantity of labor increases, and the wage rate increases. The quantity of labor decreases, and the wage rate increases. O The effect on the quantity of labor is indeterminate, and the wage rate decreases. The quantity of labor increases, and the effect on the wage rate is indeterminate