Quick Simple Micro Questions:

- whats a characteristic of the demand for a factor of production?

	a.	It is based on the supply curve of the product market.
	b.	It is a derived demand.
	c.	It is a differentiated demand.
	d.	It is likely to be upward sloping, in violation of the law of demand.

- When does the labour supply curve shift?

	a.	when new workers enter the labour market
	b.	when employers develop new technology
	c.	when workers become more productive
	d.	when employers need to hire more people

- When a firm is a profit maximizer, what will be the effect on the labour market?

	a.	Its labour cost will be minimized.
	b.	It is driven to have the workers to produce as much product as possible.
	c.	It will measure its success by the number of employees it has.
	d.	It does not care directly about the number of workers it hires.

- When a firm hires labour up to the point where the wage is equal to the value of the marginal product of labour, what is it doing?

	a.	It is minimizing the number of workers it can hire.
	b.	It is maximizing profit.
	c.	It is minimizing labour costs.
	d.	It is maximizing the number of workers it can hire.