When the skills necessary for producing a product are _____, the supply of labor for these jobs is _____. (Check all that apply.)

When the price of the Blackberry Curve decreases from $350 to $320, Reasearch in Motion decreases production from 300 units per day to 200 units per day. The price elasticity of supply is _____. (Round to one place after the decimal.)

When the price of product R decreases from $21 to $18, the quantity demanded of product S increases from 13,000 to 15,500. Based on this, the cross elasticity of demand of products R and S is _____ and these two products are _____.

For ABC Inc., the Marginal Factor Cost of a Worker = $435MRP of the 36th worker = $450MRP of the 37th worker = $445MRP of the 38th worker = $435MRP of the 39th worker = $420In order to maximize profits or minimize losses, ABC Inc. should stop hiring after they hire the _____ worker.

An increase in rent for businesses will cause a(n) _____ in equilibrium price and a(n) _____ in equilibrium quantity.

When other labor markets that are relatively close have lower wage rates than the local labor market, the equilibrium wage rate in the local job market will _____ and the equilibrium quantity of labor in the local labor market will _____.

Check all of the following market structures that experience no economic profit in the long run.

A perfectly competitive market has a market price of $23. At an output quantity of 20 units, marginal cost is minimized at $19. At an output quantity of 33 units, marginal cost is $23. At an output quantity of 42 units, marginal cost is $29. What is the proft maximizing price?

When training costs to enter a particular career decrease, the equilibrium wage rate in that job market will _____ and the equilibrium quantity of labor in that labor market will _____.

For XYZ Corp, the Marginal Factor Cost of a Worker = $275.MRP of the 12th worker = $310MRP of the 13th worker = $295MRP of the 14th worker = $275MRP of the 15th worker = $250In order to maximize profits or minimize losses, XYZ Corp should stop hiring after they hire the _____ worker.