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20. B Reason: Resource demand elasticity is measured as the percentage adjust in resource quantity divided by percent change in resource price. 21. B Reason: The labor demand also is elastic becaue through an increase in labor wage by 10 percent, the firm…View the complete answer
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Transcribed picture text: The elasticity of resource demand also steps the: A) responsiveness of workers to alters in wage prices B) responsiveness of producers to transforms reresource prices. C) proportion of marginal revenue product to revenue price D) sensitivity of marginal revenue product to changes in product price. If a 10 percent wage rise in a details labor sector results in a 15 percent decline in amount demanded in that sector, labor demand 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 through the least costly combination of sources, yet is not creating the profit-maximizing output. B) maximizing earnings, yet failing to minimize expenses. C) neither maximizing earnings nor minimizing prices. D) combining resources a and h so as to produce output via the leastern costly combination of sources and to maximize Assume a pencil manufacturer is employing sources C and D in such quantities that the MRPs of the last systems hired are and also $50 respectively. The price of resource C a SSO and the price of D is $50. This firm: A) is using the least-cost combicountry of C and also D and maximizing profit. B) have to hire more of both C and D. C) have to hire less of both C and D. D) need to hire even more of C and also less of D. Marginal resource cost describes the: A) rise in complete revenue resulting from the sale of the additional output of an additional worker. B) price at which added devices of a source can be hired in an imperfectly competitive reresource market. C) increase in full expense resulting from the production of an additional tout of output. D) amount through which a firm's total reresource cost boosts as the result of adding one more unit of the reresource. The economic term for a sole employer in a little community with no union is: A) monopsonist. B) monopolist. C) bilateral competitor. D) bilateral monopolist. Other points equal, the monopsonistic employer will pay a: A) lower wage rate and hire fewer employees than will certainly a pucount competitive employer. B) better wage price but hire fewer workers than will certainly a pudepend competitive employer. C) reduced wage price yet hire a bigger variety of workers than will certainly a purely competitive employer. D) greater wage rate and hire a larger variety of workers than will certainly a pucount competitive employer.