FALL/SPRING/SUMMER
PCM
ECON 2302 MICROECONOMICS
Chapter 12
Below you will find the learning objective, concept, idea, term,
or theory that each question on the exam will cover. The numbers in the list
refer to the question number on Exam 3 that will test your knowledge of that
specific learning objective. You will also find a reference to the page
numbers in the textbook, Microeconomics, Explore & Apply: Activebook
Version 2.0 where the substance of each
question is explained. A much better understanding can often be attained by
working through the "active graphs" and "smart graphs"
connected to many of these objectives in the online material.
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After reading this chapter, you should be able to:
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Explain why the demand for labor is referred to as as a derived demand.
Pages 186-187.
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Describe the Supply of Labor. Pages 187-188.
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Use the demand for labor and the supply of labor to show how an
equilibrium wage rate is determined. Page 188.
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List and explain the characteristics of a purely competitive labor market from both
the employee and employer perspective.
Pages 188-189.
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Define and calculate the Marginal Revenue Product of a firm. Pages 189-190.
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Ascertain the profit maximizing employment level of labor for a wage taking firm.
Pages 189-193.
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Describe labor markets in which employers have power over the wage rate (Monopsony)
or their product prices (Monopoly).
Pages 194-195.
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Describe labor markets in which sellers of labor have power over the wage rate (Monopoly).
Pages 195-196.
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Relate the similarities between the employment of labor and the employment of other inputs.
Pages 197-198.
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Discuss the process and the causes of the internationalization of the labor market.
Pages 198-200.
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