The Figure Given Below Represents Equilibrium in the Labor Market

question 83

Multiple Choice

The figure given below represents equilibrium in the labor market. Figure 14.5 In the figure,
VMP: Value of marginal product curve
MRP: Marginal revenue product curve
MFC: Marginal factor cost
S: Supply curve of labor
In Figure 14.5,the firm is:

• A)a monopsonist in the labor market and a perfect competitor in the output market.
• B)a monopsonist in the labor market and a monopolist in the output market.
• C)a perfect competitor in all markets.
• D)a perfect competitor in the labor market and a monopolist in the output market.
• E)either a monopolist or a monopsonist,but not both.

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Definitions:

Gastrocolic Reflex

Local reflex resulting in mass movement of the contents of the colon, which occurs after the entrance of food into the stomach.

Duodenocolic Reflexes

Reflexes that relate the function of the duodenum to the motility of the colon, aiding in digestion.

Peristalsis

A succession of wave-like contractions in muscles that push food through the digestive system.

Gallbladder

A small, pear-shaped organ located beneath the liver, which stores and concentrates bile produced by the liver.