ExamView Pro - Exam 4 Study Guide.tst

Name: ________________________ ID: A
Figure 18-3
____ 51. Refer to Figure 18-3. When the relevant labor supply curve is S1 and the labor market is in equilibrium,
a. the wage is W1.
b. the opportunity cost of leisure to workers is W1.
c. the value of the marginal product of labor to firms is W1.
d. All of the above are correct.
Figure 18-4
____ 52. Refer to Figure 18-4. When the relevant labor demand curve is D1 and the labor market is in equilibrium,
a. the value of the marginal product of labor to firms is less than W1.
b. the opportunity cost of leisure to workers is greater than W1.
c. the wage is W1.
d. All of the above are correct.
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