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AP Microeconomics Module 5 Test questions with correct answers
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AP Microeconomics Module 5 Test questions with correct answers
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AP Microeconomics Module 5 Test questionswith correct answers
demand for a resource or factor - correct answer-derived demand
the increase in the total output that occurs as the result of increasing some resource/factor/input -
correct answer-marginal physical product
the demand for lemons if the demand for lemonade increases - correct answer-derived demand
if the addition of a worker makes the output increase from 120 units to 130 units, it is 10 units - correct
answer-marginal physical product
formula for marginal physical product - correct answer-change in output/change in input
formula for total product - correct answer-price x quantity
To be effective, should minimum wage be set above or below equilibrium? - correct answer-above
-many small firms are hiring workers
-many workers w/identical skills
-wage is constant
-workers are wage-takers - correct answer-perfect competition characteristics
demand is the different quantities of workers that businesses are willing and able to hire at different
wages - correct answer-demand for labor
there is an inverse relationship between wage and quantity of labor demanded - correct answer-law of
demand for labor
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