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Factor Markets Test Questions
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Factor Markets Test Questions
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21 Questions

1. A single firm that has market power in the labor market is known as a(n)
2. All else equal, as the price of labor increases,
3. What will happen to labor demand if the price of a complementary resource rises?
4. Changes in tastes and immigration reflect
5. All of the following will increase the demand for doctors EXCEPT
6. If the price of resources decreases, which of the following is the most likely result?
7. An increase in a firm’s MRP will result in
8. If educational advancement courses are offered to employees, how would this affect the productivity of labor?
9. If the output effect is greater than the substitution effect, what will happen to the demand for labor?
10. Which of the following is an example of derived demand?
11. How does a monopsony find the equilibrium number of workers to hire?
12. If the factors of production increase, what will happen to labor demand?
13. Demand for labor is a
14. To calculate marginal revenue product,&
15. "Derived demand is illustrated by which of the following?"
16. Derived demand refers to which of the following?
17. How would advancements in technology affect the labor demand curve?
18. Immigration has which of the following effects?
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. The least-cost hiring rule refers to
21. Where will you find equilibrium in a competitive labor market?

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