Crowdly

Add to Chrome

Universities
mymodules.dtls.unisa.ac.za
ECS1501-25-Y Topics 12 -15

ECS1501-25-Y Topics 12 -15

Looking for ECS1501-25-Y Topics 12 -15 test answers and solutions? Browse our comprehensive collection of verified answers for ECS1501-25-Y Topics 12 -15 at mymodules.dtls.unisa.ac.za.

Get instant access to accurate answers and detailed explanations for your course questions. Our community-driven platform helps students succeed!

If a minimum wage is set below the equilibrium wage on the graph, what will be the market outcome?

Labour shortage

❌

Downward movement along the supply curve

❌

Unemployment

❌

No effect on the wage or quantity of labour employed

✅

View this question

Which of the following does NOT shift the labour demand curve?

Change in product demand

Change in price of substitute factors

❌

View this question

The market supply curve for labour will be shifted by a change in the non-wage determinants of the quantity of labour supplied.

True

False

View this question

The slope of the MPP curve reflects the law of diminishing returns.

In a perfectly competitive industry, the market price is R20. An individual firm produces output at which MC = R25. What should the firm do to maximise profits or to minimise losses in the short run?

they should shut down.

they should decrease production.

they should leave the output unchanged.

they should increase production.

View this question

In the short run, when should a firm continue with production according to the shut down rule.

marginal revenue (MR) is greater than marginal cost (MC).

❌

average revenue (AR) is greater than average cost (AC).

❌

average revenue (AR) is equal to, or greater than, average variable cost (AVC).

✅