Question 1
Assuming that labor is the only variable input if society values a good ________ it costs firms to hire the workers to produce that good, the good ________ be produced.
◦ more than; will
◦ less than; will
◦ more than; will not
◦ equal to what; will not
Question 2
A soybean farmer sells soybeans in a perfectly competitive market and hires labor in a perfectly competitive market. The market price of soybeans is $1 a bushel, the wage rate is $12, the farmer employs six workers and the marginal product of the sixth worker is 10. What would you advise this farmer to do?
◦ Do nothing because the wage rate and the marginal product of the last worker hired are equal.
◦ Reduce employment because the wage paid is greater than the marginal revenue product.
◦ Increase employment because the wage paid is less than the marginal revenue product.
◦ Reduce the product price so that the wage and marginal revenue product will be equal.
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