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  1. AP Microeconomics
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Factor Markets

Question 1
1 mark
college-boardMicroeconomicsAPExam Style
1 mark

In a perfectly competitive labor market, if the supply of labor increases, what will happen to the equilibrium wage and the quantity of labor hired?

Question 2
1 mark
college-boardMicroeconomicsAPExam Style
1 mark

The profit-maximizing rule for combining resources in a perfectly competitive labor market states that firms should hire resources where?

Question 3
1 mark
college-boardMicroeconomicsAPExam Style
1 mark

What would likely happen if there were an increase in demand for a product produced in a perfectly competitive labor market?

Question 4
1 mark
college-boardMicroeconomicsAPExam Style
1 mark

In a perfectly competitive labor market, how does an increase in compulsory education requirements affect the supply curve for unskilled labor?

Question 5
1 mark
college-boardMicroeconomicsAPExam Style
1 mark

When a payroll tax is levied on employers in a perfectly competitive labor market, how does it generally affect labor supply?

Question 6
1 mark
college-boardMicroeconomicsAPExam Style
1 mark

In a perfectly competitive labor market, what would be the effect of an increase in the demand for labor without any change in supply?

Question 7
1 mark
college-boardMicroeconomicsAPExam Style
1 mark

What outcome can be expected if there is an unexpected technological breakthrough that improves productivity within a perfectly competitive labor market?

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Question 8
1 mark
college-boardMicroeconomicsAPExam Style
1 mark

How does an individual worker's decision on how much to work respond to higher wages in a perfectly competitive labor market?

Question 9
1 mark
college-boardMicroeconomicsAPExam Style
1 mark

What does a profit-maximizing firm in a perfectly competitive labor market consider when deciding how many workers to hire?

Question 10
1 mark
college-boardMicroeconomicsAPExam Style
1 mark

In the firm graph of a perfectly competitive labor market, the supply of labor is represented by?