Refer to Table 4-4. What is the equilibrium hourly wage (W*) and the equilibrium quantity of labor (Q*)?
A) W* = $9.00; Q* = 370,000 B) W* = $9.00; Q* = 740,000
C) W* = $8.50; Q* = 380,000 D) W* = $8.50; Q* = 360,000
A
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A) the loss in production in the health care sector. B) the increase in production in the education sector. C) zero. D) the loss in production in the education sector.
Perfect competition is a market structure in which there is:
a. a contest among firms to provide good service after the sale. b. competition in product quality. c. rivalry in product design. d. none of these.
Exhibit 7-15 Long-run average cost
In Exhibit 7-15, economies of scale exist up to:
A. 500 units of output per week. B. 1,000 units of output per week. C. 1,500 units of output. D. 2,000 units of output.
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