Question : 61.The market equilibrium wage occurs where: A. Demand intersects the marginal cost : 1233131

61.The market equilibrium wage occurs where:   

A. Demand intersects the marginal cost curve.

B. Marginal physical product equals marginal revenue product.

C. All workers and all employers are satisfied with the wage.

D. Market demand for labor intersects the market supply of labor.

62.Which of the following is true about the equilibrium market wage for a particular industry?   

A. All workers in this industry are satisfied with the wage.

B. There is no unemployment in this industry at this wage.

C. There is a surplus of workers in this industry since the wage is high.

D. All employers in this industry are satisfied with the wage.

63.The equilibrium level of employment is determined by:   

A. The market demand for labor and the market supply of labor.

B. The intersection of MPP and MRP.

C. Government regulations.

D. Collusion by the most powerful employers in a market.

64.The equilibrium wage will definitely rise if:   

A. Demand for labor decreases and the supply of labor is constant.

B. Supply of labor increases and the demand for labor is constant.

C. Demand for labor increases and the supply of labor is constant.

D. Both the supply of labor and the demand for labor increase.

65.The equilibrium quantity of labor will definitely increase if:   

A. Demand for labor decreases and the supply of labor is constant.

B. Supply of labor increases and the demand for labor is constant.

C. Supply of labor decreases and the demand for labor is constant.

D. Supply of labor decreases and the demand for labor increases.

66.Which of the following would cause the equilibrium price of labor to increase?   

A. A decrease in the price of the product that labor is helping to produce.

B. The use of a larger stock of capital with the labor force.

C. An increase in the desire for leisure.

D. A more efficient method of combining labor and capital in the production process.

67.In a competitive labor market, at wages above equilibrium, the:   

A. Quantity supplied of labor is greater than the quantity demanded.

B. Labor-supply curve will shift to the left.

C. Quantity demanded of labor is greater than the quantity supplied.

D. MRP of labor curve shifts to the right.

68.When people are standing in line for jobs and there are more applicants than jobs, then the job market is characterized by a:   

A. Shortage of jobs from the point of view of the buyer in the labor market.

B. Surplus of jobs from the point of view of the seller in the labor market.

C. Shortage of labor.

D. Surplus of labor.

69.An increase in the labor productivity is best illustrated by:   

A. An upward shift of the MRP curve.

B. A downward shift of the MPP curve.

C. A leftward shift of the labor-supply curve.

D. A rightward shift of the labor-supply curve.

70.If labor productivity rises, then wages:   

A. Will decrease and the number of jobs will decrease.

B. Will decrease, but the number of jobs will not change.

C. Can increase without a decrease in the number of jobs.

D. Can increase, but only if the number of jobs decrease.