Suppose the marginal product of labor is MPN = 200 - 0.5Nwhere N is aggregate employment. The aggregate quantity of labor supplied is 300 + 8w, where w is the real wage. What is the equilibrium real wage?
A. 5
B. 20
C. 10
D. 15
Answer: C
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Consider an economy over the years 2008 and 2009. The output in the economy has remained constant over the two years but the prices of all goods and services have halved. In such a situation,
A) the real GDP of the economy stays the same over the two years. B) the nominal GDP of the economy remains the same over the two years. C) the real GDP of the economy increases over the two years. D) the nominal GDP of the economy increases over the two years.
Some cities have a relatively high residential property tax, while others have a low residential property tax. Give an explanation for this.
What will be an ideal response?
A business must analyze___________before making a decision.
Fill in the blank(s) with the appropriate word(s).
The law of diminishing marginal utility states that
A. Marginal utility always falls to zero after two or three units of a good consumed. B. As a consumer enjoys successive units of a good, eventually marginal utility will fall. C. The total utility of consuming the next unit of a good falls. D. The total utility of a good rises at a fast rate as more units of a good are consumed.