Please watch both videos and answer ALL questions. Thanks!
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.
Possible | Not Possible | |
|---|---|---|
PC, PC | ||
PC, Monopsony | ||
PC, Monopoly | ||
Monopoly, Monopsony | ||
Monopsony, Monopoly | ||
Monopoly, PC |
Match the following.
| Draggable item | arrow_right_alt | Corresponding Item |
|---|---|---|
Graph on the right. | arrow_right_alt | Perfectly Competitive Market |
Graph on the left. | arrow_right_alt | Perfectly Competitive Firm |
In the market....
| Draggable item | arrow_right_alt | Corresponding Item |
|---|---|---|
Wage and Qs | arrow_right_alt | Inversely Related |
Wage and Qd | arrow_right_alt | Directly Related |
A perfectly competitive producing firm is a . A perfectly competitive hiring firm is a .
Wage taken from the market
Marginal Resource Cost
Marginal Revenue Product
Supply of Labor to the Firm =
Demand of Labor to the Firm =
Where will the firm hire? (State the rule!)