If the labor market in the above figure is competitive, what is the equilibrium wage and quantity of labor hired?
A) $10 and 100 hours
B) $10 and 50 hours
C) $5 and 100 hours
D) $15 and 50 hours
A
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Which of the following implies that a model is an approximation?
A) The model is not based on any assumption. B) The predictions of the model are mostly wrong. C) The predictions of the model will hold in most cases but not all. D) The predictions of the model cannot be tested with data.
In recent years, the ratio of earnings of the typical U.S. college graduate to the earnings of the typical high school graduate without additional education has
a. risen as the demand for skilled labor has increased relative to the demand for unskilled labor. b. risen as the demand for skilled labor has decreased relative to the demand for unskilled labor. c. fallen as the demand for skilled labor has increased relative to the demand for unskilled labor. d. fallen as the demand for skilled labor has decreased relative to the demand for unskilled labor.
What economic concept is exemplified by an employer offering tuition reimbursement to employees who are continuing their education?
a. marginal benefit b. marginal cost c. positive incentive d. negative incentive
The Jerry-Berry Ice Cream Shoppe's total cost schedule is in the above table. Based on the table, which of the following is correct?
A) The total fixed cost is $1. B) The average fixed cost of 1 gallon is $1.00. C) The average variable cost of 2 gallons of ice cream is $1.00 per gallon. D) Only answers A and B are correct. E) Answers A, B, and C are correct.