The Figure Given Below Represents Equilibrium in the Labor Market

question 29

Multiple Choice

The figure given below represents equilibrium in the labor market with the demand and supply curves of labor.Figure 14.6
In the figure,
D = MRP implies demand for labor = Marginal Revenue Product
MFC represents Marginal Factor Cost curve
S represents the supply curve of labor

-If resource A and resource B are substitutes of each other and the price of resource A increases, then:

• A)the price elasticity of demand for resource B will increase.
• B)the demand for resource A will increase.
• C)the demand for resource B will increase.
• D)the price elasticity of demand for resource B will decrease.
• E)the demand for resource B will decrease.

Calculate the number of treatments and observations in factorial experiments.

Determine the degrees of freedom for various components in two-factor ANOVA.

Utilize ANOVA to assess interaction effects between factors.

Set up and interpret ANOVA tables for given datasets.

---

Definitions:

Imported

Goods or services brought into one country from another for sale or use.

Government Revenue

The income received by the government from taxes, fees, fines, and other sources.

Specific Tariff

is a fixed fee imposed by a government on imported or exported goods, based on the quantity of the goods rather than their value.

Imported Good

A product or service that is brought into one country from another country for the purpose of sale or use.