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The purchase of an additional unit increases the price of the unit and of the existing units being purchased. This describes (3 points) an oligopoly a monopsony a monopoly monopolistic competition perfect competition 2. (05.03 MC) A firm in a perfectly competitive labor market is employing labor where the marginal revenue product of the last unit is $30 and the marginal factor cost is $30. Based on this, the firm should (3 points) employ the same amount of labor increase its offered wage for labor O employ fewer units of labor employ more units of labor O lower its offered wage for labor 3. (05.03 MC) If the wage in a perfectly competitive labor market is $15 and the marginal product of the last worker employed is 3 units, what must be the market price for the good being produced? Assume a perfectly competitive output market. (3 points) $5 O $45 $15 O $12 O $18 4. (05.02 HC) Assume that there is an increase in the labor productivity of workers in a country due to new training techniques and a simultaneous decrease in the country's labor force from immigration. What happens to the country's market equilibrium quantity of labor and wage rate? (3 points) The quantity of labor and the wage rate both remain constant. The quantity of labor decreases, and the wage rate increases. The quantity of labor increases, and the wage rate increases. The effect on the quantity of labor is indeterminate, and the wage rate increases. O The quantity of labor increases, and the effect on the wage rate is indeterminate