If a worker can produce 20 units of output which can be sold for $4 per unit, what is the maximum wage that firm should pay to hire this worker?
A) It depends on what the going wage rate is in the labor market.
B) $80 minus the firm's profit markup
C) $80
D) There is insufficient information to answer the question.
C
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The figure above shows the situation facing Smart Digit, Inc, a firm in monopolistic competition that produces calculators. What is the firm's profit-maximizing price?
A) $12 B) $10 C) $8 D) $4
Division of _______ is the way a good or service that is produced is divided into a number of tasks that are performed by different workers, instead of all the tasks being done by the same person.
a. resources b. labor c. money d. tasks
U.S. baby boomers are beginning to retire and withdraw their savings for retirement. What effect should we expect this to have on equilibrium price and quantity of financial assets?
A. Price rises and quantity also rises. B. Price falls and quantity also falls. C. Price rises and quantity falls. D. Price falls and quantity rises.
Leontief suggested that his results were not a paradox once we account for differences in:
a. resource endowments. b. capital stocks. c. labor forces. d. resource productivities.