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Factor Markets Test Questions
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Factor Markets Test Questions
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21 Questions

1. The least-cost hiring rule refers to
2. How does a monopsony find the equilibrium number of workers to hire?
3. An increase in a firm’s MRP will result in
4. Which of the following is an example of derived demand?
5. If the output effect is greater than the substitution effect, what will happen to the demand for labor?
6. All of the following will increase the demand for doctors EXCEPT
7. Changes in tastes and immigration reflect
8. What will happen to labor demand if the price of a complementary resource rises?
9. How does a monopsony find the equilibrium number of workers to hire?
10. "Derived demand is illustrated by which of the following?"
11. If the price of resources decreases, which of the following is the most likely result?
12. Demand for labor is a
13. If the factors of production increase, what will happen to labor demand?
14. If the price of resources decreases, which of the following is the most likely result?
15. Demand for labor is a
16. If the output effect is greater than the substitution effect, what will happen to the demand for labor?
17. Derived demand refers to which of the following?
18. Derived demand refers to which of the following?
19. Seth finally realized his dream to open a 24-hour bagel café. Which of the following scenarios would increase Seth’s demand for labor?
20. A single firm that has market power in the labor market is known as a(n)
21. What will happen to labor demand if the price of a complementary resource rises?

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