Refer to Table 4-7. Suppose that the quantity of labor supplied decreases by 80,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?
A) W = $8.50; Q = 550,000 B) W = $11.50; Q = 610,000
C) W = $12.50; Q = 550,000 D) W = $8.50; Q = 630,000
C
You might also like to view...
A principal-agent problem arises in the situation in Scenario 17.5 because
A) the principal can measure effort and output; the agent can measure only output. B) the principal can measure only effort, and the agent can measure only output. C) the principal can measure only output, and the agent can measure effort and output. D) neither the principal nor the agent can measure effort. E) neither the principal nor the agent can measure output.
If a person owns 2,000 shares in a corporation that 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
The marginal revenue that would be derived from producing the fourth unit of output is
A. $24.
B. $22.
C. $20.
D. $18.
Suppose you have a money income of $10, all of which you spend on Coke and popcorn. In the diagram, the prices of Coke and popcorn, respectively, are
What will be an ideal response?