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.
The stages of labor and delivery. (A) During the dilation stage the cervix thins and dilates to 10 c
Stages of labor.
Plan of Trajan's Forum and Market "خطة منتدى ترجان والسوق"
Effect of Shifting Labor into R&D
Markets and Institutions Market Story Problem
Method for creating Roundup-Ready soybeans