The tables above show a nation's labor demand and labor supply schedules and its production function. The equilibrium real wage rate is ________ and the equilibrium quantity of labor is ________ billion hours per year
A) $50; 100
B) $40; 90
C) $30; 80
D) $40; 80
E) $20; 110
B
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When underproduction occurs,
A) producers gain more surplus at the expense of consumers. B) marginal cost is greater than marginal benefit. C) consumer surplus increases to a harmful amount. D) there is a deadweight loss that is borne by the entire society. E) the deadweight loss harms only consumers.
If an increase in the level of money supply leads to a proportionate increase in prices with no effect on real variables ,we say that
A) the Fisher relationship holds. B) money is neutral. C) money is superneutral. D) money is a medium of exchange.
The profit-maximizing firm will operate at an output of ______.
A. OI
B. OJ
C. OK
D. OL
The smaller is the absolute price elasticity of demand, the
A. larger is the responsiveness to a price change. B. larger is the income of the buyer. C. higher is the change in demand to an income change. D. smaller is the responsiveness of quantity demanded to the price change.