AP Microeconomics Practice Test: Resource Markets with Applications to Labor

Test Information

Question 6 questions

Time 7 minutes

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1.

With the data in the table above, how many units of labor would the employer hire?

2. The basis for the answer in number 1 is

3. Which of the following is not the basis for a wage differential?

4. A monopsonist is identified by one of the following:

5. If for two resources, Labor (L) and Capital (K), the ratios of their marginal physical products are
MPPK/PK = MPPL/PL
the firm should:

6. The backward bending supply curve is characterized by which of the following?