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B) reduce employment if marginal revenue product exceeds marginal resource cost.

C) expand employment if marginal revenue product equals marginal resource cost.

D) reduce employment if marginal revenue product equals marginal resource cost.

33.A firm hiring labor in a perfectly competitive labor market faces a:

A) downward sloping labor supply curve and upward sloping labor demand curve.

B) upward sloping labor supply curve and downward sloping labor demand curve.

C) upward sloping labor supply curve and horizontal labor demand curve.

D) horizontal labor supply curve and downward sloping labor demand curve.

34.Which of the following describes a purely competitive labor market?

A) MRP = Wage Rate. C) Wage Rate > MRC.

B) MRP > Wage Rate. D) Wage Rate < MRC.

35.In a monopsonistic labor market the employer will maximize profits by employing workers up to that point at which:

A) the difference between the wage rate and marginal resource (labor) cost is at a maximum.

B) marginal revenue product equals marginal resource (labor) cost.

C) the wage rate equals marginal revenue product.

D) the wage rate equals marginal resource (labor) cost.

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