The table above shows the labor demand and labor supply schedules for a nation. The equilibrium real wage rate is ________ and the equilibrium quantity of labor is ________ billions of hours per year
A) $25; 260
B) $20; 280
C) $20; 260
D) $15; 260
E) $40; 320
B
You might also like to view...
In the early 1920s, Germany experienced hyperinflation because Germany's
A) demand for money skyrocketed. B) economy was growing very rapidly. C) real GDP was growing faster than nominal GDP. D) population was growing very rapidly. E) quantity of money was growing very rapidly.
One factor contributing to the rapid growth of the commercial paper market since 1970 is
A) the fact that commercial paper has no default risk. B) improved information technology making it easier to screen credit risks. C) government regulation. D) FDIC insurance for commercial paper.
If the inverse demand curve a monopoly faces is p = 100 - 2Q, and MC is constant at 16, then the deadweight loss from monopoly equals
A) $21. B) $441. C) $882. D) $1,764.
Assume the price of beer is $4, the price of pizza is $10 and the consumer's income is $250. Which consumption bundle will NOT be the consumer's choice?
A) A (5 Beers, 5 Pizzas) B) B (0 Beers, 25 Pizzas) C) C (25 Beers, 15 Pizzas) D) None of the above bundles will be chosen.