Perfectly Competitive Labor Markets
Practice Questions
AP Microeconomics › Perfectly Competitive Labor Markets
Questions
5
1
If the total product of labor increases at an increasing rate, _________ .
2
A minimum wage for coal miners will likely result in:
3
The following question is based on this table:
What is the total variable cost of producing five goods?
4
The following question will refer to this table:
What is the marginal product of the fourth unit of labor?
5
A perfectly competitive firm produces at its profit maximizing level. At this point, the marginal product of labor is 7 units per hour and wages are $14 per hour. Which of the following is true?