U se Table 10.6 to respond to questions 11 to 12

11. If a firm is hiring labor in the perfectly competitive labor market, the wage and employment are:

1. $3 and zero.

2. Criteria B

   1 point

   $4 and 10.

3. $5 and 20.

4. $6 and 30.

5. $7 and 40.

12. If a firm hires labor in a monopsony labor market, the wage and employment are:

1. $7 and 40

2. $3 and zero.

3. $4 and 10.

4. $5 and 20.

5. $6 and 30.

The Kazakh dress company
DAILY WAGE	SELLING PRICE
#WORKERS	OUTPUT
0	0
1	100
2	220
3	315
4	400
5	460
6	480
7	490

Criteria B

1 point

13.Refer to the data for the KAZAKH Dress Company. The marginal product of the 3rd worker is:

1. 120

2. 315

3. 100

4. 95

Criteria C

1 point

14. Refer to the production data for the KAZAKH Dress Co., diminishing marginal productivity starts when which worker is hired?

1. The 2^nd worker

2. The 3^rd worker

3. The 4^th worker

4. The 5^th worker

Criteria C

1 point

15. Given the production data for the company, the Kazakh Dress Company should hire how many workers if it wishes to maximize profit?

1. 3 Workers

2. 4 Workers

3. 5 Workers

4. 6 Workers

Criteria C

1 point

16. Refer to the data for the Kazakh Dress Company. The marginal revenue product of the 4th worker is:

1. 800

2. 400

3. 190

4. 170

The Kazakh dress company
Workers	Selling price	OUTPUT
0	8	0
1	7	100
2	6	220
3	5	315
4	4	400
5	3	460
6	2	480
7	1	490

Criteria C

1 point

17. Refer to the information for the Kazakh Trouser, Co. The daily wage rate is $100 and the output given is the daily output. What is the total revenue product if the firm hires 4 workers?

1. 400

2. 800

3. 190

4. 1600

Criteria C

1 point

18. Refer to the data for the Kazakh Trouser, Co. Which of the following is a true statement regarding this company?

1. The company is a perfect Competitor

2. The company has a perfectly elastic demand

3. The company is an imperfect competitor

4. The company can never have an economic profit.

19. Criteria D

    1 point

    Completely inelastic demand curve is:

1. vertical line;

2. a straight line with a negative slope;

3. a horizontal line;

4. curved line with a positive slope;

5. curve.