Question 1 According to the lecture, what is a key assumption of competitive labor markets? 0 rms operate in competitive industries 0 all workers are regarded equally productive 0 all answers listed are key assumptions 0 information in the industry is widely available and accurate Question 2 An individual's labor supplyr curve backward bending because ______________ . O of the income and substitute effects. 0 less labor is hired when wages increase. 0 more labor is hired when wages increase. 0 everyone will work more when wages rise. Question 3 According to the lecture, the substitution effect is: 0 when one worker is substituted for one earning less wages. 0 when workers choose to work more hours as wages rise. 0 when workers choose to work less hours when wages rise. 0 when capital is substituted from labor. Question 4 According to the lecture, the income effect is: 0 when people quit theirjobs due to having too low of an income. 0 when workers choose to work fewer hours as wages rise. 0 when workers are substituted for capital as incomes rise. C) when workers choose to work more hours as wages rise. Question 5 Label the graph: Title 1'? #4 #1 ( #3 #2 / Title = i iiCapitalize each word] #1=i \\ #2=i \\ Which effect dominates at #3? Which effect dominates at #4? \fQuestion 7 Rocco's Studio offers lessons in Latin dance styles for $50 per session. Currently Rocco has three dance instructors, who were able to give a total of 40 sessions last week. This week, he hired a fourth dance instructor specializing in samba, and the four instructors together gave a total of 52 sessions. What is the marginal revenue product of the fourth dance instructor? Question 8 The table shows the total units of output corresponding to the number of workers. Suppose the price of output is $10 per unit. What is the marginal revenue product for the sixth worker? Number of Workers Units of Output 50 110 W N 170 220 250 270Question 9 2 pts The elasticity of demand for labor measures the responsiveness of [salad] V to changes in l 59'3\"] V l . The l [59'9\"] V the demand for labor, the more likely workers will be laid off with an increase in wages. Question 10 2 pts According to Gary Becker, discrimination is economically detrimental to ______________________ . O the discriminating party 0 the party discriminated against 0 nobody. Discriminating rms have the best workers 0 all parties involved Question 11 List one type (hypothesis/ theory) of a segmented labor market. (answer in all lowercase) Question 12 According to the lecture, the two general types of unions are unions and unions. Question 13 According to the lecture, what are the benefits and costs of union membership