Chapter 13

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Wage determination

have increased at about the same rate as increases in output per worker

Real wages in the United States in the long run:

output per worker

Over the long run, real earnings per worker can increase only at about the same rate as the economy's rate of growth of:

relatively high, but not as high as in some industrially advance nations

Real wages in the United States are:

increases more rapidly than the general price level

the real wage will rise if the nominal wage:

workers have been able to use larger quantities of capital equipment

The productivity and real wages of workers in industrially advanced economies have risen historically partly because:

doubled

Since 1960, real hourly compensation in the United States has approximately

horizontal; upsloping

The labor supply curve facing a purely competitive employer is _______, whereas the labor supply curve facing a monoposonist is ________.

monopsonist

The economic term for a firm that is the sole buyer in a market is:

$15

A firm can hire six workers at a wage rate of $8 per hour but must pay $9 per hour to all of its employees to attract a seventh worker. the marginal wage cost of the seventh worker is:

will find it profitable to hire more workers

Suppose the MRP of a firm's twelfth worker is $22 and the worker's marginal wage cost is $16. We can say with certainty that the firm:

the wage rate paid by the employer varies directly with the number of workers employed

In monopsony:

The market for major league baseball empires

Which of the following is most likely to be an example of monopsony?

worker's wage rate plus the wage increasing paid to all workers already employed

A monopsonist's wage cost in hiring an additional worker is the:

confronts a marginal resource (labor) cost that is greater than the wage rate

A monopsonistic employer:

improvements in technology

Increases in the productivity of labor result partly from:

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