* not completed

. An increase in the wage rate:

Will usually lead to more people employed correct incorrect

Will decrease total earnings of employees if the demand for labour is wage elastic correct incorrect

Is illegal in a free market correct incorrect

Will cause a shift in the demand for labour correct incorrect

* not completed

. The Marginal Revenue Product is likely to be wage inelastic if:

Labour costs are a high percentage of total costs correct incorrect

Demand for the final product is price inelastic correct incorrect

It is relatively easy to substitute capital for labour correct incorrect

There are many substitutes for the final product correct incorrect

* not completed

. With a downward sloping demand for labour and upward sloping supply of labour curve then a fall in demand for labour will lead to:

A lower equilibrium wage and lower quantity of labour employed correct incorrect

A lower equilibrium wage and higher quantity of labour employed correct incorrect

A higher equilibrium wage and higher quantity of labour employed correct incorrect

A higher equilibrium wage and lower quantity of labour employed correct incorrect

* not completed

. A decrease in the supply of labour is likely to lead to:

A lower equilibrium wage and lower quantity of labour employed correct incorrect

A lower equilibrium wage and higher quantity of labour employed correct incorrect

A higher equilibrium wage and higher quantity of labour employed correct incorrect

A higher equilibrium wage and lower quantity of labour employed correct incorrect

* not completed

. The Marginal Revenue Product is usually:

Upward sloping due to the law of demand correct incorrect

Upward sloping due to the law of marginal utility correct incorrect

Downward sloping due to the law of diminishing returns correct incorrect

Downward sloping due to the law of supply correct incorrect

* not completed

. A monopsony occurs if there is:

A major employer of labour in a market correct incorrect

A highly unionized workforce correct incorrect

A major provider of employees correct incorrect

A single seller of products in a market correct incorrect

* not completed

. A profit maximizing firm will employ labour up to the point where:

Marginal revenue = marginal product correct incorrect

Marginal cost = marginal product correct incorrect

Marginal revenue product = average cost of labour correct incorrect

Marginal revenue product = marginal cost of labour correct incorrect

* not completed

. In a perfectly competitive labour market, firms are wage takers and the marginal cost of labour equals:

The average cost of labour correct incorrect

The marginal product of labour correct incorrect

The marginal revenue correct incorrect

The total cost of labour correct incorrect

* not completed

. If employees cannot accept a job because of the costs of moving area this is known as:

Occupational mobility correct incorrect

Cyclical unemployment correct incorrect

Structural immobility correct incorrect

Geographical immobility correct incorrect

* not completed

. If the minimum wage is set above the equilibrium wage rate, then other things being equal:

There will be equilibrium in the labour market correct incorrect

There will excess demand in the labour market correct incorrect

There will be excess supply in the labour market correct incorrect

More people will be employed correct incorrect