Resource prices are a major determinant of money incomes.
Resource prices allocate scarce resources among alternative uses.
Resource prices, along with resource productivity, are important to firms in minimizing their costs
All of these reasons.
Rising marginal resource cost.
Elasticity of resource demand.
The derived demand for labor.
Amount by which the extra production of one more worker increases a firm's total revenue.
Decline in product price that a firm must accept to sell the extra output of one more worker.
Increase in total resource cost resulting from the hire of one extra unit of a resource.
Increase in total revenue resulting from the production of one more unit of a product.
Intersects the firm's labor demand curve from above.
Is the firm's labor demand curve
Lies below the firm's labor demand curve.
Lies above the firm's labor demand curve.
The MRP exceeds the wage rate.
The wage rate is less than MP.
Average product exceeds MP.
MC exceeds MR.
Vertical at the current level of employment.
Horizontal at the "going" wage rate.
Multiplying total product by product price.
Multiplying marginal product by product price.
Dividing total revenue by marginal product.
Comparing marginal product with various possible input prices.
. lie below its marginal revenue product curve.
Be subject to increasing marginal productivity.
Be less elastic than that of a purely competitive seller.
Be more elastic than that of a purely competitive seller
. marginal product.
Marginal revenue product.
Average revenue product.
AVC = MC.
MP = MRC.
MRC = MR.
MRP = MRC
A decline in the price of resource X
An increase in the price of the product resource X is producing
A decrease in the price of substitute resource Y
An increase in the productivity of resource X
Shift a firm's cost curves.
Cause the firm to alter the combination of inputs it employs.
Induce the firm to change its level of output.
Do all of these.
Decreased by 2 percent.
Increased by 2 percent.
Increased by 3 percent.
Increased by 8 percent.
The nominal wage may fall, but the real wage can never decline.
The real wage may fall, but the nominal wage can never decline.
Both the nominal and the real wage must always rise.
The nominal and the real wage may both fall
Increase in total revenue resulting from the sale of an additional unit of output.
Amount by which a firm's total resource cost increases when it employs one more unit of labor.
Increase in total revenue resulting from the hire of one more unit of labor.
Price at which additional units of labor can be employed in a monopsonized labor market.
Expand employment if marginal revenue product exceeds marginal resource cost.
Reduce employment if marginal revenue product exceeds marginal resource cost.
Expand employment if marginal revenue product equals marginal resource cost.
Reduce employment if marginal revenue product equals marginal resource cost.
2 units of labor.
3 units of labor.
4 units of labor.
5 units of labor.
A perfectly elastic labor supply curve and a downsloping labor demand curve.
A perfectly elastic labor demand curve and an upsloping labor supply curve.
Labor demand and labor supply curves both of which are perfectly elastic.
A downsloping labor demand curve and an upsloping labor supply curve.
Worker's wage rate.
Worker's wage rate plus the wage increases paid to all workers already employed.
Worker's wage rate adjusted for the lower price that must be charged for the extra output.
Marginal wage cost less the wage rate.
How unions have increased wages but reduced job opportunities by shifting the supply-of-labor curve to the left.
How unions have raised wages and increased job opportunities by increasing the demand for labor.