When the supply of labor to a firm is perfectly elastic the marginal factor cost will equal the
A) market price of the product.
B) wage rate.
C) marginal physical product.
D) wage rate times the number of workers.
Answer: B
You might also like to view...
Describe the environmental Kuznets curve
What will be an ideal response?
In both the 1970s and the 1990s, extreme economic events caused unemployment to move in the same direction as inflation.
Answer the following statement true (T) or false (F)
If a person owns 2,000 shares in a corporation which has issued 200,000 shares of stock, that person owns ____ of the company and is entitled to ____ of the dividends
a. 1 percent; 1 percent b. 2 percent; 2 percent c. 10 percent; 10 percent d. 20 percent; 20 percent
Figure 4-17
Refer to . If the government imposes a price ceiling in this market at a price of $5.00, the result would be a
a.
shortage of 20 units.
b.
shortage of 10 units.
c.
surplus of 20 units.
d.
surplus of 10 units.