When the wage rate is $6 per hour, the quantity of low-skilled workers demanded is 100 hours per day. When the wage rate is $15 per hour, the quantity of high-skilled worked demanded is 100 hours.

The cost of acquiring skill is $9 per hour.
The marginal revenue product of skill is $9 per hour.
The cost of acquiring skill is $15 per hour.
The marginal revenue product of skill is $15 per hour.

When the wage is $4 per hour, the quantity of low-skilled workers supplied is 200 hours. When the wage is $14 per hour, the quantity of high-skilled workers supplied is 200 hours per day.

The cost of acquiring skill is $4 per hour.
The cost of acquiring skill is $10 per hour.
The marginal revenue product of skill is $14 per hour.
The marginal revenue product of skill is $10 per hour.

In Meadowlake, the Union of Cheese Producers supports import restrictions. The government responds and decreases imports of cheese. As a result, the ______ for cheese workers _______ and the wage rate _______.

demand; increases; increases
demand; decreases; decreases
supply; increases; decreases
supply; decreases; increases

The figure illustrates a monopsony industry. The profit-maximizing wage rate is _______ per hour and the quantity of labor hired will be _______ hours.

$15; 100
$10; 100
$15; 150
$20; 100

If the labor market shown in the figure became competitive, the equilibrium wage rate would be _______ per hour and the quantity of labor hired would be _______ hours.

$15; 100
$15; 150
$20; 100
$10; 100

If the figure shows the labor market for a monopsonist and a union, the outcome of collective bargaining would be _______ per hour.

$15
between $10 and $15
between $15 and $20
between $10 and $20

There is discrimination in the labor market on the planet of Yerk between two groups of people, the Mirks and the Morks. If the discrimination is against the Mirks, then the MRP curve for Mirks is _______ the MRP curve for Morks, and the Mirks receive _______ than the Morks.

to the right of; a lower wage rate
to the left of; the same wage rate, but fewer are employed
to the left of; a lower wage rate
to the right of; the same wage rate, but fewer are employed

The figure illustrates the demand for and supply of low-skilled workers. What is the wage rate of low-skilled labor and what is the quantity of low-skilled labor employed?

$5 per hour; 25,000 hours per day
$6 per hour; 5 hours per day
$6 per hour; 4 hours per day
$5 per hour; 5,000 hours per day

The figure illustrates the demand for and supply of low-skilled workers. Suppose the government passes comparable-worth laws and the court-enforced wage rate is $7 per hour. Under comparable worth there is ________________.

a difference of 4 hours between the quantity of labor demanded and the quantity supplied.
a shortage of 4,000 hours per day
unemployment of 4,000 hours per day
equilibrium at $7 per hour

The figure illustrates the demand for and supply of low-skilled workers. Suppose the government passes comparable-worth laws and the court-enforced wage rate is $4 per hour. Under comparable worth there is _____________.

equilibrium at $4 per hour
a shortage of 1,000 hours per day
a shortage of 2,000 hours per day
a difference of 2 hours between the quantity of labor demanded and the quantity supplied

Please enter your name and press the SEND button