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1) In the market in Figure 15.1.
A) social benefits are greater than private benefits.
B) the quantity provided by the market is greater than
efficient.
C) when left alone, the market produces the socially
optimum quantity.
D) all of the above.
2) In the market in Figure 15.1.
A) social benefits are greater than private benefits.
B) the quantity provided by the market is inefficient.
C) the market produces less than the social optimum
quantity.
D) all of the above.
3) The market in Figure 15.1 the government in theory
can get the socially optimum output by:
A) subsidizing the consumption of the good the right
amount.
B) taxing the production of the good the right amount.
C) restricting the production of the good to less than
what the market produces.
D) all of the above.
4) Refer to Table 17.2. If the price of output is $2
per unit and the wage rate is $40, how many workers
should be hired?
A) six workers
B) five workers
C) four workers
D) three workers
5) Figure 17.2 depicts a firm’s marginal revenue
product curve. If the output price is $5, what is the
marginal product of the third worker?
A) four units of output
B) five units of output
C) six units of output
D) seven units of output
6) Figure 17.2 depicts a firm’s marginal revenue
product curve. If the marginal product of the second
worker is 10 units of output, what is the price of
output?
A) $3
B) $4
C) $5
D) $6
7) Explain what will happen to the demand for labor,
the equilibrium wage, and the equilibrium quantity of
labor if a technological innovation makes workers more
productive.
Demand for labor, equilibrium wage, equilibrium
quantity will all increase.
8) Name two factors that will increase the demand for
labor, and two factors that will increase the supply of
labor.
Demand: technological innovation, increase in output
price
Supply: increase in labor force participation rate,
reduction in wealth
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