答案和详解如下： 1.The steeper a firm’s marginal revenue product curve for a given resource, the: A) more elastic the firm's demand curve for the resource. B) less elastic the firm's demand curve for the resource. C) higher the mobility of the resource. D) lower the mobility of the resource. The correct answer was B) The marginal revenue product curve of a resource for a given firm will directly determine the firm's demand curve for the resource. If the marginal revenue curve for a resource is steep, then the demand curve for the resource will be steep. Resource mobility is not determined by its MRP. 2.The quantity of labor that a profit maximizing firm will employ, holding other input factors constant, is the level at which: A) the marginal revenue product of labor is equal to the wage rate. B) the marginal product of labor is equal to the marginal cost of labor. C) one more unit of labor would cost less than the value of its additional output. D) diminishing marginal returns from labor occur. The correct answer was A) For any productive input, including labor, a profit maximizing firm will employ additional units of the input until its marginal revenue product is equal to its price (the wage rate is the price of labor). If one more unit of labor would cost less than the value of its additional output, the firm will increase profits by adding that unit. A firm’s labor demand curve is the entire range of output over which it realizes diminishing marginal returns from labor input. Marginal product is measured in units of output and cannot be compared directly to marginal cost, which is measured in units of money. 3.Which of the following changes would most likely decrease a firm’s demand for labor? A) Technological improvement in the firm’s production process. B) Decrease in the price of the firm’s product. C) Increase in the price of a productive input that is a substitute for labor. D) Decrease in the price of a productive input that is a complement to labor. The correct answer was B) If the price of the firm’s product decreases, its marginal revenue, and therefore the marginal revenue product of its inputs, will also decrease. This will decrease the firm’s demand for labor. The other choices describe events that would be likely to increase the firm’s demand for labor. 4.Are the following two statements about the elasticity of labor demand correct? Statement 1: Labor demand is more elastic in the short run than in the long run because other factors of production are fixed in the short run. Statement 2: The more labor-intensive a firm’s production processes, the more elastic the firm’s demand for labor will be.
A) Correct Correct B) Correct Incorrect C) Incorrect Incorrect D) Incorrect Correct The correct answer was D) Statement 1 is incorrect. The fact that other factors of production are fixed makes labor demand less elastic in the short run. Statement 2 is correct. A firm will have more elastic labor demand when labor represents a larger proportion of its input costs. 5.An industrial economist is evaluating the supply and demand conditions for two different factors of production. Factor 1: The demand curve is derived from the resource’s marginal revenue product in the current period. Factor 2: The supply curve is perfectly inelastic and the price is determined by demand. Which of the following choices most likely identifies these two factors of production?
A) Labor Non-renewable resource B) Machinery Renewable resource C) Labor Renewable resource D) Machinery Non-renewable resource The correct answer was C) Labor produces its marginal output in the current period, when the labor is actually performed, so the demand curve is derived from the MRP of labor in the current period. With machinery, the output is generated over a number of periods, so the relevant MRP is the machine’s future MRP. The supply of a renewable resource is perfectly inelastic and demand determines the equilibrium price. With a non-renewable resource, supply is perfectly elastic and demand determines the equilibrium quantity supplied. | 
发表于 2008-4-18 12:49
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