Under conditions of imperfect competition, the MRP for the twelfth worker is calculated by a.

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1. Under conditions of imperfect competition, the MRP for the twelfth worker is calculated by

a. subtracting the total revenue with eleven workers from the total revenue with twelve workers

b. multiplying the marginal physical product of the twelfth worker by the product price

c. subtracting total cost from total revenue with twelve workers

d. summing the MRPs from workers one through eleven

e. using either A or B since they will both return the same value for MRP

Harold rents out forty acres of bottom land to a vegetable farmer. In the Circular Flow Model, where would Harold reside and where would his rental transactions occur?

a. Harold resides in the household, and the transaction occurs in the product market

b. Harold resides in the household, and the transaction occurs in the resource market

c. Harold resides in the firm, and the transaction occurs in the product market

d. Harold resides in the firm, and the transaction occurs in the resource market.

e. None of the above

3. Firm X is a monopsonistic market and bears a marginal input cost of $40 per hour for each worker. For the firm to maximize profit, what should the marginal revenue product of labor be?

4. Megasoft is the only software manufacturing company in Tallahassee. When the firm maximizes profit, its software engineers’ marginal revenue product will be

a. more than the wage rate

b. less than the wage rate

c. equal to one

d. equal to the wage rate

e. double the wage rate

5. The local hospital is a monopsonist employer that pays a wage of $300 per week to nurses. The government imposes a minimum wage of $400 per week. How is the firm affected?

a. It reduces its output

b. it stops hiring people

c. it is not affected

d. it increases the number of people hired

e. it decreases the number of people hired

6. Households play two separate roles in the Circular Flow Model. What are the roles and where are they played?

a. Households are the demanders in the product market and the suppliers in the resource market

b. Households are the suppliers in the wholesale market and the demanders in the retail market

c. Households are the suppliers in the housing market and the demanders in the home improvement market.

d. Households are both the demanders and the suppliers in the real estate market

e. Households are the suppliers in the product market and the demanders in the resource market.

7. Simpson’s Buffalo Wings is in a perfectly competitive market when the government imposes a minimum wage, above the equilibrium wage. As a result, 

a. the quantity of labor supplied increases

b. the output reduces

c. the quantity of labor demanded increases

d. the price of unit output increases

e. the price of unit output decreases