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20. B Reason: source demand elasticity is measured together the percentage readjust in source quantity separated by percentage adjust in resource price. 21. B Reason: The labor demand is elastic becaue with rise in labor wage by 10 percent, the firm…View the complete answer
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Transcribed image text: The elasticity of resource demand measures the: A) responsiveness of workers to transforms in wage prices B) responsiveness of producer to changes resource prices. C) proportion of marginal revenue product come revenue price D) sensitivity of marginal revenue product to alters in product price. If a 10 percent wage increase in a details labor market results in a 15 percent decline in amount demanded in that market, labor need is: A) unit elastic B) elastic C) inelastic. D) perfectly elastic. If MP_a/P_a = MP_b/P_b and MRP_a/P_a = MRPP_b/P_b = 1, this firm is: A) producing its output v the least costly combination of resources, however is not creating the profit-maximizing output. B) maximizing profits, yet failing to minimize costs. C) no maximizing revenues nor minimizing costs. D) combining sources a and also h so regarding produce output v the least costly combination of resources and also to maximize assume a pencil manufacturer is employing resources C and also D in such amounts that the MRPs the the last systems hired are and also $50 respectively. The price of source C a SSO and the price that D is $50. This firm: A) is using the least-cost combination of C and D and maximizing profit. B) must hire more of both C and also D. C) should hire less of both C and D. D) must hire more of C and also less the D. Marginal resource cost describes the: A) increase in total revenue resulting from the revenue of the extra calculation of one an ext worker. B) price at which extr units of a source can be rental in an imperfectly competitive source market. C) increase in total cost resulting from the manufacturing of one much more tout that output. D) amount through which a firm's total resource cost boosts as the result of including one an ext unit of the resource. The economic term because that a single employer in a tiny community v no union is: A) monopsonist. B) monopolist. C) bilateral competitor. D) bilateral monopolist. Various other things equal, the monopsonistic employer will pay a: A) lower wage rate and hire fewer employees than will certainly a purely competitive employer. B) higher wage rate but hire fewer workers than will certainly a purely competitive employer. C) reduced wage rate however hire a larger variety of workers than will a completely competitive employer. D) greater wage rate and also hire a larger variety of workers than will a completely competitive employer.