5.1 Intro to Factor Markets

Last updated over 1 year ago

9 questions

Instructions

Please watch both videos and answer ALL questions. Thanks!

Library

5.1 Intro to Factor Markets

Last updated over 1 year ago

9 questions

Instructions

Please watch both videos and answer ALL questions. Thanks!

Question 1

00:14

Question 2

00:38

Question 3

01:16

Question 4

01:19

Question 5

00:19

Question 6

00:39

Question 7

00:56

Questions 8 & 9

02:01

Question 1

00:14

Question 2

00:38

Question 3

01:16

Question 5

00:19

Question 6

00:39

Question 7

00:56

Questions 8 & 9

02:01

In which model did we first learn about factor markets? Think unit 1....(3 word answer)

What is a monopsony?

How many output/resource combinations are there?

Check the following for each
(Output, Resource) combination.

Match the following.

Draggable item		Corresponding Item
Graph on the right.		Perfectly Competitive Market
Graph on the left.		Perfectly Competitive Firm

In the market....

Draggable item		Corresponding Item
Wage and Qs		Inversely Related
Wage and Qd		Directly Related

A perfectly competitive producing firm is a __________ __________ . A perfectly competitive hiring firm is a _________ __________ .

Where will the firm hire? (State the rule!)

Check the following for each 
(Output, Resource) combination.

Possible

Not Possible

PC, PC

PC, Monopsony

PC, Monopoly

Monopoly, Monopsony

Monopsony, Monopoly

Monopoly, PC

Match the following.

Graph on the right.

Perfectly Competitive Market

Graph on the left.

Perfectly Competitive Firm

In the market....

Wage and Qs

Inversely Related

Wage and Qd

Directly Related

Wage taken from the market

Marginal Resource Cost

Marginal Revenue Product

Supply of Labor to the Firm =

Demand of Labor to the Firm =

	Possible	Not Possible
PC, PC
PC, Monopsony
PC, Monopoly
Monopoly, Monopsony
Monopsony, Monopoly
Monopoly, PC

5.1 Intro to Factor Markets

5.1 Intro to Factor Markets

In which model did we first learn about factor markets? Think unit 1....(3 word answer)

What is a monopsony?

How many output/resource combinations are there?

Check the following for each (Output, Resource) combination.

Match the following.

In the market....

Where will the firm hire? (State the rule!)

Check the following for each
(Output, Resource) combination.