Quiz

Labour demand: MRP and MRC

Rachael Enabnit 6 questions

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Questions in this quiz (6)

1MRP is the additional [blank_start]revenue[blank_end] generated by each additional [blank_start]worker[blank_end]
1. Aworker
2. Brevenue
2MRC is the additional [blank_start]cost[blank_end] of hiring each additional [blank_start]worker[blank_end]
1. Acost
2. Bworker
3A firm will keep hiring workers as long as MRP is greater than MRC
1. ATrue
2. BFalse
4There is an inverse relationship between the wage and amount of workers demanded
1. ATrue
2. BFalse
5In a perfectly competitive marker the firm is a price setter and S > MRC
1. ATrue
2. BFalse
6In a Competetive Market, demand is [blank_start]downward[blank_end] sloping because each additional [blank_start]worker[blank_end] generates less additional [blank_start]revenue[blank_end]
1. Adownward
2. Bworker
3. Crevenue