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!

Trim End | 01:27

Question 1 | 00:14

Question 2 | 00:38

Question 3 | 01:16

Question 4 | 01:19

00:00/00:00

Question 1

00:14

Question 2

00:38

Question 3

01:16

Question 4

01:19

Trim End | 03:30

Question 5 | 00:19

Question 6 | 00:39

Question 7 | 00:56

Questions 8 & 9 | 02:01

00:00/00:00

Question 5

00:19

Question 6

00:39

Question 7

00:56

Questions 8 & 9

02:01

Trim End | 01:27

Question 1 | 00:14

Question 2 | 00:38

Question 3 | 01:16

Question 4 | 01:19

00:00/00:00

Question 1

00:14

Question 2

00:38

Question 3

01:16

Trim End | 03:30

Question 5 | 00:19

Question 6 | 00:39

Question 7 | 00:56

Questions 8 & 9 | 02:01

00:00/00:00

Question 5

00:19

1

Match the following.

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

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 left.		Perfectly Competitive Market
Graph on the right.		Perfectly Competitive Firm

In the market....

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

	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.