Moodle X Question 26 Not yet answered Marked out of 2 P Flag question An employer hiring in a competitive labor market should hire additional labor as long as Select one: O a. the MRP exceeds the wage rate. O b. the wage rate is less than MP. O c. average product exceeds MP. O d. MC exceeds MR. Previous page Next page Quiz navigationMoodle X ( 7 X C O B Q B Question 28 Not yet answered Marked out of 2 P Flag question If the wage rate increases, Select one: O a. a purely competitive producer will hire less labor, but an imperfectly competitive producer will not O b. an imperfectly competitive producer will hire less labor, but a purely competitive producer will not O c. a purely competitive producer and an imperfectly competitive producer will both hire less labor O d. an imperfectly competitive producer may find it profitable to hire either more or less labor. Previous page Next page Quiz navigationMoodle + + X O O B Q B Question 23 Not yet answered Maried out of ? P Flag question Advertising can enhance economic efficiency when it Select one O a. increases brand loyalty. O b. raises entry barriers O c. increases consumer awareness of substitute products O d. boosts average total cost Previous page Next page Quiz navigation Time left 1:49:04Moodle X ( 7 X C O B Q B Question 30 Not yet answered Marked out of 2 P Flag question A farmer who has fixed amounts of land and capital finds that total product is 24 for the first worker hired, 32 when two workers are hired, 37 when three are hired, and 40 when four are hired. The farmer's product sells for $3 per unit, and the wage rate is $13 per worker. The marginal revenue product of the second worker is Select one: O a. $24. Ob. $8. Oc. $15. O d. $9. Next page 4 1-47:32Moodle X Question 22 WEBCAM RECORDING Not yet answered Marked out of 2 P Flag question The likelihood of a cartel being successful is greater when Select one: O a. firms are producing a differentiated, rather than a homogeneous, product. O b. cost and demand curves of various participants are very similar. O c. the number of firms involved is relatively large. O d. the economy is in the recession phase of the business cycle. Previous page Next page Quiz navigation 16 29 30 31 32 26 27 28 Finish attempt.Moodle X ( + X U O B Q B Question 25 Not yet answered Marked out of 2 P Flag question In the United States, professional football players earn much higher incomes than professional soccer players. This occurs because Select one: O a. most football players are good soccer players, while the reverse is not true. O b. consumers have a greater demand for football games than for soccer games O c. football and soccer games are highly substitutable products for most consumers. O d. the marginal productivity of soccer players exceeds that of football players Previous page Next page Quiz navigationMoodle Question 21 . KENCAM RECORDING Not yet answered Marked out of 2 P Flag question Three major means of collusion by oligopolists are Select one: O a. cartels, informal understandings, and price leadership. O b. market sharing, mutual interdependence, and product differentiation. O c. cartels, kinked-demand pricing, and product differentiation. O d. informal understandings, P = MC pricing, and mutual interdependence. Previous page Next page Quiz navigation 34 26 27 28 29 30 31 132 33 135 36 37 Finish attemptMoodle X ( 7 X U O B Q B Not yet answered Marked out of 2 P Flag question Employment Total Product Product Price 0 12 2 22 3 30 D 3 36 5 48 3 42 Refer to the given table. If the firm is hiring workers under purely competitive conditions at a wage rate of $22, it will employ Select one: O a. 1 worker. O b. 2 workers. O c. 3 workers. O d. 4 workers.Moodle X ( + X C O D Q B 30 4 35 5 39 6 117 7 126 44 2 132 What is the marginal product of the sixth worker? Select one: O a. 2 units O b. 3 units O c. 4 units O d. 5 units Next page Previous page Quiz navigation 1 2 3 31 32 33 34 35 36 37 36 39 20 41 4 4 4 5 34 3 9 5Moodle X Question 24 Not yet answered Marked out of 2 P Flag question A breakdown in price leadership leading to successive rounds of price cuts is known as Select one: O a. limit pricing. O b. a price war. c. informal pricing. O d. price discrimination. Previous page Next page Quiz navigationMoodle X ( + X U @ B Q B Question 27 Not yet answered Marked out of 2 P Flag question Assume Manfred's Shoe Shine Parlor hires labor, its only variable input, under purely competitive conditions. Shoe shines are also sold competitively. Units of Labor Total Product 0 Marginal Product Total Revenue 1 14 2 14 10 3 30 4 35 5 39 127 125 44 2 132 What is the marginal product of the sixth worker