5.1 Intro to Factor Markets
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Last updated about 1 year ago
9 questions
Please watch both videos and answer ALL questions. Thanks!
1
In which model did we first learn about factor markets? Think unit 1....(3 word answer)
In which model did we first learn about factor markets? Think unit 1....(3 word answer)
1
What is a monopsony?
What is a monopsony?
1
How many output/resource combinations are there?
How many output/resource combinations are there?
1
Check the following for each (Output, Resource) combination.
Check the following for each
(Output, Resource) combination.
Possible | Not Possible | |
|---|---|---|
PC, PC | ||
PC, Monopsony | ||
PC, Monopoly | ||
Monopoly, Monopsony | ||
Monopsony, Monopoly | ||
Monopoly, PC |
1
Match the following.
Match the following.
| Draggable item | arrow_right_alt | Corresponding Item |
|---|---|---|
Graph on the left. | arrow_right_alt | Perfectly Competitive Market |
Graph on the right. | arrow_right_alt | Perfectly Competitive Firm |
1
In the market....
In the market....
| Draggable item | arrow_right_alt | Corresponding Item |
|---|---|---|
Wage and Qd | arrow_right_alt | Inversely Related |
Wage and Qs | arrow_right_alt | Directly Related |
1
A perfectly competitive producing firm is a __________ __________ . A perfectly competitive hiring firm is a _________ __________ .
Other Answer Choices:
wage
taker
maker
price
1
- Wage taken from the market
- Marginal Resource Cost
- Marginal Revenue Product
- Supply of Labor to the Firm =
- Demand of Labor to the Firm =
1
Where will the firm hire? (State the rule!)
Where will the firm hire? (State the rule!)