Consider the labor market depicted in the above figure. The competitive equilibrium would be for ________ hours of employment
A) 200
B) 400
C) 600
D) None of the above answers is correct.
B
You might also like to view...
A firm produces its product using both capital and labor. When it does not change its capital usage, but doubles its labor input, its output increases by less than 50 percent. Which of the following is the most likely explanation of this finding?
A) the principle of opportunity cost B) the spillover principle C) the principle of diminishing returns D) the marginal principle
Declining-block quantity discrimination makes sense if
A) buyers of smaller quantities are more price sensitive than buyers of larger quantities. B) buyers of smaller quantities are less price sensitive than buyers of larger quantities. C) demand for the good is perfectly elastic. D) the lower price for larger quantities encourages all consumers to purchase the larger quantity.
What is the main purpose of the Federal Reserve System? How does it fulfill this purpose?
Which of the following is not an argument usually presented in favor of trade restrictions?
a. national security b. infant industry c. cheap foreign labor d. diversity of industry e. increased efficiency