Can anyone help with my ECO 101 Homework?

[gabrielo19]

1. The reason that unskilled construction workers typically receive higher wages than retail sales clerks is best explained by:

a. Discrimination
b. Geographic immobilities
c. Compensating differences
d. Noncompeting labor groups

2. The marginal revenue product of labor in a competitive market decreases as a firm increases the quantity of labor used because of the:

a. Law of diminishing returns
b. Law of diminishing marginal utility
c. Homogeneity of the product
d. Free mobility of resources

3. Marginal revenue product is the increase in:

a. Total revenue from a decrease in the price of the product
b. Marginal revenue from a decrease in the price of the product
c. Marginal revenue from the use of an additional unit of a resource
d. Total revenue from the use of an additional unit of a resource

4. What will the elasticity of resource demand be if unit wages rise by 5 percent and the number of employed workers falls by 12 percent?

a. 0.42
b. 1.60
c. 2.40
d. 6.00

5. Which will not be a determinant of the price elasticity of demand for labor?

a. The price of labor
b. The substitutability of other resources for labor
c. The elasticity of demand for the product it produces
d. The total cost of labor as a proportion of the total cost of producing units of output

6. In pure competition, a profit-maximizing firm will equate the marginal revenue product of labor with the:

a. Wage rate
b. Profits produced by the employment of an extra worker
c. Cost of producing one extra unit of output
d. Price received from selling one extra unit of output

7. When the supply curve of labor is upward sloping, the marginal cost curve of labor facing the monopsonist:

a. Lies above the supply curve of labor
b. Is the supply curve of labor that it faces
c. Lies below and parallel to the supply curve of labor
d. Lies above and parallel to the supply curve of labor

[jorian23]

1 c
2 a
3 d
4 c
5 c
6 a
7 b