Factors of production in perfectly competitive factor market

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Reference no: EM13769541

1. Which of the following statements is false?

A) It is likely that supply curves for labor in individual labor markets are upward sloping.

B) As wages in one industry rise relative to wages in other industries, workers shift their labor to the relatively high-wage one.

C) The mobility of labor between competitive labor markets is likely to prevent the total number of hours worked from falling as the wage rate increase

D) Workers in one industry seldom pay attention to the wage rate(s) in other industries or labor markets.

2. For a firm buying factors of production in a perfectly competitive factor market:

A) factors are hired where marginal revenue product is equal to marginal factor cost.

B) its marginal revenue product curve for a factor is its factor supply curve.

C) the price of a factor will be greater than its marginal revenue product.

D) the price of a factor will be less than its marginal factor cost.

Reference no: EM13769541

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