If the graph shown is displaying a competitive labor market, the equilibrium wage in the market would be:
A. Q*.
B. P*.
C. S.
D. D.
B. P*.
You might also like to view...
Dogs are more popular than cats in the U.S., but if cats were to become the more popular pet, then we can we expect that in the market for cat-food workers
a. MPP increases b. MRP increases c. MPP decreases d. MRP decreases e. the wage rate decreases
Consider a consumer choosing between spending her money on food, F, or clothing, C. Assume that a unit of food and a unit of clothing have the same price, and that the consumer can afford a total of 20 units of either food or clothing. If B stands for benefits then "B(F) + B(C)" is the:
A. constraint. B. objective function. C. optimization problem. D. sunk cost.
New growth theory holds technology to be __________; neoclassical growth theory holds technology to be __________
A) exogenous; endogenous B) endogenous; endogenous C) endogenous; exogenous D) exogenous; exogenous
At the beginning of the fall semester, college towns experience large increases in their populations, causing a(n):
A. decrease in the quantity of apartments supplied. B. increase in the demand for apartments. C. increase in the supply of apartments. D. decrease in the quantity of apartments demanded.