If the price of a motorcycle is $5,000 . and workers who make motorcycles earn a wage rate of $50, how many workers will be hired when the labor market is in equilibrium?
a. There is not enough information to determine how many would be hired.
b. Hiring will continue until the price falls to $50 .
c. Hiring will continue until the wage rate rises to $5,000.
d. Hiring will continue until the MRP of the worker is greater than zero.
e. Hiring will continue until the MPP of the last worker is 0.01 motorcycles.
E
You might also like to view...
Explain how the purchases of used goods and of financial assets affect GDP
What will be an ideal response?
An inferior good is one in which
a. the average consumer chooses not to consume. b. the good is not equally valued by all consumers. c. an increase in income increases consumption of the good. d. an increase in income decreases consumption of the good.
The economy experiences both a falling price level and falling unemployment when
A. aggregate supply increases with aggregate demand stable. B. aggregate demand decrease with aggregate supply stable. C. aggregate supply decreases with aggregate demand stable. D. aggregate demand increases with aggregate supply stable.
Refer to Scenario 12.1. By what approximate percentage will Jennifer's income increase from age 25 to age 60?
A) 287 percent B) 400 percent C) 452 percent D) 561 percent