# On an asymmetrical single curve aerofoil

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A firm which faces an upward sloping supply curve for the resources or factors?d.Factor price searcher.MRP= MRx?e.None of the above.MFC is?c.The additional cost generated by employing an additional factor unit.Exhibit A, the \$ amount that goes in A-D are, respectively?c.90,80,70,60.One way to calculate MRP is? d.None of the above.A firm's factor demand curve is its?d.Marginal revenue product.Suppose a factor price taker purchases one unit for \$10. At what price would it purchase the second unit, and what would MFC equal?a.It would purchase the second unit for \$10, and MFC=\$10.Why does the MRP curve slope downward for a product price taker?a.Because MRP=MRxMPP;after some point, as more of a factor is employed, the lower its MPP, thus MRP declines.A firm will maximize its profits by hiring factors up to the point at which?e. A and b.If MRP>MFC, the the firm?c.Should produce more output by increasing the quantity of factors employed.Which of the following with cause a firm's factor demand curve to shift right?d.An increase in marginal physical product.The firm minimizes costs by purchasing factors such that?a.The ratio of MPP to factor price is the same for all factors.If the MPP f the last unit of labor hired =16...?c.The firm should hire more labor and less capital to minimize costs.Market demand curve for labor?is not the horizontal summation of the individual firm's demand curves for labor.Elasticity for demand for labor measures?d.Wage rate.Wage rate up 20% and labor falls by 60% absolute value?b.3.00.The higher the elasticity of demand for a product?d.The higher the eOd for the labor.Wage rate up from 8 to 10?a..47.Marginal productivity theory implies?a.Worker will be paid an amount equal to his contribution to the productive process or his MRP.Firm in exhibit B?c.Price searcher in both factor and product markets.Total labor cost of hiring three?b.31.80.If four workers are hired?e.149.82.Marginal physical product of third worker?d.5.Marginal revenue product of fourth worker?c.15.84.Marginal factor cost of sixth?d.12.20.If the firm profits, the number of workers hired will be?a.4.A public employee union whose membership is comprised of?c.Workers who work for local, state, or, federal gov.For an industrial union to be successful it must?b.Unionize all workers within all firms in a given industry.In the early days of the labor movement?b.Labor unions were treated as illegal conspiracies.Interpreted to mean that some labor union practices were illegal and bordered on conspiracy to restrain trade?a.Sherman.Norris La Guardia?b.Restrained the use of injunctions.The taft harley?c.Prohibited unions.Unions are in favor of increased mechanization?e.Trick question.Closed shop?b.Organization in which an employe must belong to the union before he can work.Collective bargaining?a and c. Union members and the objective.Single buyer in a factor market?b.Monopsony.Electrician's union?c.Craft union.Increase wages, a labor union might?lower elasticity and increase demand.Country has absolute advantage in production?d.With the same quantity of resources produce more of the good.Country A produce 40 and b 42?c.Country b has absolute advantage.Exhibit c?c.4x;1x.Exhibit c absolute advantage?b.Good x and y.Exhibit c lower opportunity cost?d.Good x and y.Exhibit 80x and 10y?d.10;y;20;x.Exhibit c nigeria specializes in production of one?c.Good x for nigera is lower opp cost producer of x good y for ethiopia bc lower opp cost for y.Which is false?e.None of the above.Ability to produce at lower opp cost?b.Comparative advantage.No comparative advantage in production of goods in either country?b.No gains.Exhibit d 1 unit of cheese?b.1/3unit of wine.Exhibit d not correct?c.China has comparative advantage in wine.Cameroon 40 units of X and 60Y?b.Cameroon specialize in y and mongolia in x.Diagram closed to int'l trade?b.Pa and X.Opened to free trade?v and,vz.Per unit tarriff?Pt andY.Per unit tariff?wy and w.Per unit tariff?Pt and Pe-.Total amount of tariff rev?PePt x wy.Sale of goods abroad at price below cost?d.Dumping."New industries need to be proected.."?b.Infant-industry argument.Tariff?c.Imports.Nt'l defense argument?c.Country should produce..Tariff on imported cheese?d.Increase,decrease,increase.Voluntary export restraint?b/w 2 countries exporting agrees.Quota?b.Legal limit on amount imported