1) A firm is hiring resources X, Y, and Z in the profit-maximizing amounts when:
a) MRPx/Px equals MRPy/Py equals MRPz/Pz equals 1.
b) the sum of the MRPs of the three resources is at a minimum.
c) the marginal revenue productivity of all three resources is the same.
d) the marginal revenue product of the last dollar spent on each of the three resources is the same.
2) The United Mine Workers is a good illustration of:
a) how unions have increased wages but reduced job opportunities by shifting the supply-of-labor curve to the left.
b) how unions have raised wages and increased job opportunities by increasing the demand for labor.
c) inclusive unionism.
d) exclusive unionism.
3)Which of the following is a market imperfection that might explain persistent wage differentials within an occupation?
a) movement of labor from lower-wage to higher-wage jobs
b) readily available information about job opportunities and pay
c) principal-agent problems
d) discrimination
a) MRPx/Px equals MRPy/Py equals MRPz/Pz equals 1.
b) the sum of the MRPs of the three resources is at a minimum.
c) the marginal revenue productivity of all three resources is the same.
d) the marginal revenue product of the last dollar spent on each of the three resources is the same.
2) The United Mine Workers is a good illustration of:
a) how unions have increased wages but reduced job opportunities by shifting the supply-of-labor curve to the left.
b) how unions have raised wages and increased job opportunities by increasing the demand for labor.
c) inclusive unionism.
d) exclusive unionism.
3)Which of the following is a market imperfection that might explain persistent wage differentials within an occupation?
a) movement of labor from lower-wage to higher-wage jobs
b) readily available information about job opportunities and pay
c) principal-agent problems
d) discrimination