How many workers would the firm hire if the wage rate were $10?
Answer: 6
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One common definition of economics is the study of
A. how scarcity increases opportunities to meet ends. B. how markets overcome scarcity. C. one goal and three tasks. D. how to use limited means to meet unlimited wants. E. wants versus needs.
Refer to the scenario above. What is the probability of winning?
A) 16.66% B) 33.33% C) 45.55% D) 66.66%
Because cartel firms produce a quantity that ________ maximize their own firm's profits, there is an incentive to ________.
A) does; produce more than the agreed upon amount B) does not; produce less than the agreed upon amount C) does; act in self-interest D) does not; act in self-interest
Assuming that the demand for a good has decreased and the supply of a good has increased by the same amount, then:
a. The change in price is determinate but the change in quantity is indeterminate. b. The change in quantity is determinate but the change in price is indeterminate. c. Neither the change in price nor the change in quantity will be indeterminate. d. Both the change in price and the change in quantity will be indeterminate.