9. Initially, when a firm hires a fourth worker, its wage rate goes from $80 a worker to $90. The marginal revenue product of the fourth worker is $100. Then the government imposes a minimum wage of $90 a worker. If the firm now hires the fourth worker, its profits will
The marginal product of a new worker is 80 units and the marginal expense of a new worker is $800. The marginal product of hiring current workers another hour is 10 units and the marginal expense of hiring current workers another hour is $12. If the firm needs extra hours of work (assuming the work could be done by either the new or current workers), it should
Two employers pay a wage of $10 an hour. Employer A is a monopsony while Employer B hires in a competitive labor market. Both firms sell their output in competitive markets. Which of the following will be true?
A monopsony’s marginal worker has a marginal revenue product of $12 an hour and a wage of $8. A minimum wage of $10 will have which of these effects?
Most colleges pay teachers different salaries in different fields. For example, they usually pay science teachers more than English teachers. Public schools pay teachers in different fields the same. As a result, in public schools, if they want to get getter science teachers, they have to raise everyone’s wage. Which of the following is a consequence of paying teachers different salaries, as they do in colleges?
If Gene receives a raise in his hourly wage and decides he would like to increase his hours of work, we know that
An increase in nonlabor income due to a rise in the value of stocks and bonds will cause
An increase in a person’s hourly wage rate will
On the backward-bending portion of the labor supply curve,
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