Questions from Microeconomics


Q: Because a perfectly competitive employer’s MRC curve is ______________, it will hire

Because a perfectly competitive employer’s MRC curve is ______________, it will hire ____________ workers than would a monoposony employer with the same MRP curve. a. Upsloping; more. b. Upsloping; f...

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Q: What percentage of wage and salary workers are union members? Is

What percentage of wage and salary workers are union members? Is this percentage higher, or is it lower, than in previous decades? Which of the factors explaining the trend do you think is most domina...

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Q: Suppose that you own a 10-acre plot of land that

Suppose that you own a 10-acre plot of land that you would like to rent out to wheat farmers. For them, bringing in a harvest involves $30 per acre for seed, $80 per acre for fertilizer, and $70 per a...

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Q: Suppose that a car factory initially hires 1500 workers at $30

Suppose that a car factory initially hires 1500 workers at $30 per hour and that each worker works 40 hours per week. Then the factory unionizes, and the new union demands that wages be raised by 10 p...

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Q: Property developers who build shopping malls like to have them “anchored

Property developers who build shopping malls like to have them “anchored” with the outlets of one or more famous national retail chains, like Target or Nordstrom. Having such “anchors” is obviously g...

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Q: Suppose that you are president of a newly established local union about

Suppose that you are president of a newly established local union about to bargain with an employer for the first time. List the basic areas you want covered in the work agreement. Why might you begin...

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Q: Explain why economic rent is a surplus payment when viewed by the

Explain why economic rent is a surplus payment when viewed by the economy as a whole but a cost of production from the standpoint of individual firms and industries. Explain: “Land rent performs no ‘i...

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Q: Suppose that the demand for loanable funds for car loans in the

Suppose that the demand for loanable funds for car loans in the Milwaukee area is $10 million per month at an interest rate of 10 percent per year, $11 million at an interest rate of 9 percent per yea...

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Q: In the 1980s land prices in Japan surged upward in a “

In the 1980s land prices in Japan surged upward in a “speculative bubble.” Land prices then fell for 11 straight years between 1990 and 2001. What can we safely assume happened to land rent in Japan o...

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Q: Demographers have been very surprised that total fertility rates have fallen below

Demographers have been very surprised that total fertility rates have fallen below 2.0, especially because most people in most countries tell pollsters that they would like to have at least two childr...

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