Under perfect competition, the equilibrium price of labor used to produce cloth will be equal to
A) the marginal product of labor in the production of cloth times the price of cloth.
B) the average product of labor in the production of cloth times the price of cloth.
C) the ratio of the marginal product of labor in the production of cloth to the marginal product of labor in the production of food times the ratio of the price of cloth. to the price of food.
D) the slope of the production possibility frontier.
E) the price of cloth divided by the marginal product of labor in the production of cloth.
A
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A merger between two commercial airlines is a
A) conglomerate merger. B) diagonal merger. C) horizontal merger. D) vertical merger.
According to the accelerationist Phillips curve, ________
A) expectations adjust continually to the latest information B) increases in inflation cause the unemployment gap to widen C) inflation will change so long as an unemployment gap persists D) all of the above E) none of the above
Refer to the above figure. Which of the above graphs represents an unequal income distribution?
A) Panel A B) Panel B C) Panel C D) Panel D
Acme, Inc. is currently producing 12,000 gadgets per year. Acme's average total cost (ATC) is $18 per year. What is Acme's total cost (TC) per year?
a. $667 b. $108,000 c. $216,000 d. $500 e. $1500