These are the full questions and answers, they aren't related to each other though.

Question 1(Multiple Choice Worth 3 points) (05.04 MC) The graph below represents the labor supply curve of a monopsonistic firm. MFCL 3. Mac Rate (3) W4 3 5 I I I I I I I I I I I I I I I I I u] I I I I I Q1 Q2 Q3 Quantity (labor) If the rm above hired labor at the quantity 02, what wage rate would it pay? ' OW1 OW2 Owa 0W4 0W5 Question 2(Multiple Choice Worth 3 points) (05.03 MC) Use the table to answer the question that follows. Quantity of Labor MP of Labor Quantity of Capital MP of Capital 1 30 1 50 2 25 2 4O 3 20 3 35 4 15 4 15 5 1O 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? 01 unit of labor; 3 units of capital 0 2 units of labor; 1 unit of capital 0 3 units of labor; 4 units of capital ' O 4 units of labor; 4 units of capital 0 5 units of labor; 5 units of capital Question 3(Multiple Choice Worth 3 points) (05.04 MC) In a monopsonistic market, firms will hire where equals marginal revenue product and pay a wage rate down to the O demand; product price 0 demand; supply curve 0 marginal factor cost; product price 0 marginal factor cost; supply curve 0 supply; product price Question 4(Multiple Choice Worth 3 points) (05.02 MC) Use the graph to answer the question that follows. Telecommunications Industry Wage Rate (3) 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 32'? O A decrease in the number of workers qualified 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 Question 5(Multiple Choice Worth a points) (05.01 MC) Use the graph to answer the question that follows. Margins] mam Based on the chart abcwe, if the product sells at a price of $2 per unit, what is the marginal revenue product of the fourth unit of labor? ' 0 About $14 ' 0 About $16 ' 0 About $28 ' 0 About $36 ' O Indeterminate Question 3(Multipls Choice Worth 3 points) (05.02 MC) If the demand for a good decreases significantly, then ' 0 only the quantity demanded of labor for the good decreases ' O the demand for the labor used to make the good increases ' O the demand for the labor used to make the good decreases ' O the quantity of labor supplied to produce the good will decrease ' O the supply of labor to produce the good will increase Tl Question 7(Multiple Choice Worth 3 points) (05.02 HC) Advanced robotics become a much stronger substitute production factor than labor to produce Good A. At the same time, the government increases licensing requirements to be a laborer producing Good A. What would happen to the market equilibrium quantity of labor and wage rate for specialized labor to produce A? O The quantity of labor increases, and the wage rate increases. 0 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. U Question 8(Multiple Choice Worth 3 points) (05.03 MC) If the wage in a perfectly competitive labor market is $15 and the marginal product of the last worker employed is 3 units, what must be the market price for the good being produced? Assume a perfectly competitive output market. O$12 O$18 O$45