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Economics Micro Unit 5

Which of the following will shift the supply curve for labor to the right?

A decrease in population

An increase in wealth

A decrease in the opportunity cost of leisure

An increase in labor market opportunities for women

An increase in the wage rate will

Shift the labor supply curve to the right

Shift the labor supply curve to the left

Cause an upward movement along the labor supply curve

Have no effect

An automobile factory employs either assembly line workers or robotic arms to produce automobile engines. In this case, labor and capital are considered

Independent

Complements

Substitutes

Supplements

If the marginal product of labor per dollar is greater than the marginal product of capital per dollar, which of the following is true?

Hire more labor

Rent more capital

Hire less labor

Not change its employment

The cost-minimization rule states that costs are minimized when

MRP is maximized

MFC is minimized

MP per dollar is equal for all factors

MP*P is equal for all factors

Which of the following is true in the case of a positive externality?

MSC>MSB

MPB>MSC

MSB>MPB

MSC>MPC

Marginal social benefit equals marginal private benefit plus

Marginal external benefit

Marginal private cost

Total external cost

Marginal social cost

Which of the following types of goods are always nonrival in consumption?

Public goods

Inferior foods

Common resources

Private goods

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