(a) Fill in Table. (b) Is the firm a perfect or an imperfect competitor? Explain. (c) If the wage rate were $220, how many workers would be hired? How much would the total wage bill come to? (d) If the wage rate were $100, how many workers would be hired? How much would the total wage bill come to? (e) How many workers would be hired if the wage rate were $50? (f) How many workers would the firm want to hire if the wage rate were $0?
(b) The firm is a perfect competitor because price is constant.
(c) 3; $660
(d) 6; $660
(e) 7
(f) 8
You might also like to view...
Which of the following would lead to a rightward shift in the demand curve for golf balls?
a. An increase in the price of golf clubs b. A decrease in the popularity of golf c. An increase in the number of golfers d. A decrease in the price of golf balls e. An increase in the golf club membership fee
Ceteris paribus, if consumer tastes change so that more people are eating broccoli, then what will happen to the market equilibrium for cabbage, a substitute good for broccoli?
a. Price will increase, and quantity will increase. b. Price and quantity will stay the same. c. Price will decrease, and quantity will increase. d. Price will increase, and quantity will decrease. e. Price will decrease, and quantity will decrease.
If Europe experienced an inflation rate greater than that experienced in the United States, ceteris paribus, then ______.
a. European goods would become relatively more expensive to U.S. consumers b. Europeans would decrease the quantity of U.S. goods demanded c. U.S. goods would become relatively more expensive to European consumers d. U.S. residents would increase the quantity of European goods demanded
Refer to the following computer output from estimating the parameters of the nonlinear modelY = aRbScTdThe computer output from the regression analysis is: 
Based on the info above, the nonlinear relation can be transformed into the following linear regression model:
A. Y = 1n(aRbScTd) B. 1n Y = 1na + b1nR +c1nS + d1nT C. 1n Y = 1n(aRbScTd) D. 1n Y = 1n a.1n R.1n S.1nT