micro 431-440

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431. Which example illustrates derived demand?

(A) Consumers increase their purchases of corn tortillas, so the price of corn rises.(B) Technology makes wheat production more efficient so the output of wheat flour increases.(C) Workers move from country A to country B in search of economic opportunities.(D) A truck factory shuts down after workers go on strike.(E) A heat wave causes the sugar beet price to rise on the market.

432. MRP for a hot dog stand’s fifth, sixth, and seventh workers is $140, $120, and $100, respectively. If the wage for a hot dog stand worker is $120, the hot dog stand should

(A) employ four workers(B) employ five workers(C) employ six workers(D) employ seven workers(E) employ eight workers

433. MRP for a shaved ice stand’s first, second, and third workers is $95, $90, and $85 per day, respectively. The shaved ice stand hires workers until MRP = MFC. The government increases the minimum daily wage from $85 to $90. The shaved ice stand should

(A) hire one more worker(B) lay off one worker(C) shut down(D) lay off two workers(E) hire two more workers

434. A skateboard manufacturer is the only employer in a small town. It has 10 workers who each earn $40,000. It can hire another worker at a wage of $50,000 and produce skateboards worth $60,000. This would make its current workers demand a wage of $50,000 as well. If the firm hired another worker,

(A) profit would increase because MFC < MRP(B) profit would be unchanged because MFC = MRP(C) profit would fall because MFC > MRP(D) profit would increase because the skateboard manufacturer has a monopoly(E) none of the above

435. An auto body shop has six employees, who each earn $30,000. If it hired a seventh employee, it would have to pay all of its employees $40,000 each. MFC for the seventh employee is

(A) $10,000(B) $30,000(C) $40,000(D) $100,000(E) $280,000

436. A soft drink factory can buy 10 tons of sugar for $200 per ton. If it buys 11 tons of sugar, it must pay $250 per ton. MFC for the eleventh ton of sugar is

(A) $200(B) $250(C) $500(D) $550(E) $750

437. A sandwich shop uses roast beef to make sandwiches. The price of roast beef decreases. As a result,

(A) MFC decreases(B) profit decreases(C) MP decreases(D) labor demand decreases(E) fixed cost decreases

438. If a labor market is an oligopsony, in comparison with perfect competition it will have

(A) lower wages(B) lower unemployment(C) higher output(D) less market power(E) more firms in the market

439. A bicycle manufacturer purchases aluminum to make bicycles. Demand for aluminum is a

(A) negative externality(B) fixed cost(C) derived demand(D) negative externality(E) factor of production

440. A cupcake manufacturer uses frosting to make cupcakes. If demand for cupcakes increases,

(A) frosting demand will shift to the right(B) frosting demand will shift to the left(C) frosting demand will not change(D) frosting price will decrease(E) frosting quantity will decrease

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