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MT445 Unit 6 Review

MT445 Unit 6 Review
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MT445 / MT 445
Managerial Economics
Kaplan University (KU Campus)

William A. McEachern
Economics: A Contemporary Introduction, 8e
Hoboken, NJ: John Wiley & Sons.

Unit 6: Labor Markets & Wages

Unit 6 Review / Quiz Answers

1. As the price of a resource (e.g., labor) decreases, (Points: 1)

2. One determinant of the derived demand for a resource is the (Points: 1)

3. A temporary price differential in resource markets is (Points: 1)

4. The division of a resource's earnings between economic rent and opportunity cost depends on the resource owner's (Points: 1)

5. A profit-maximizing firm will employ a resource up to the point where (Points: 1)

6. The quantity of labor an individual supplies to any market (Points: 1)

7. People who can earn higher market wages, other things constant, will (Points: 1)

8. At a low wage rate, (Points: 1)

9. Through collective bargaining, (Points: 1)

10. If union demands result in a surplus of labor in some industries, the resulting (Points: 1)



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