The figure above shows a labor market. If this labor market is perfectly competitive, the wage rate is
A) $4 per hour.
B) $6 per hour.
C) $8 per hour.
D) $10 per hour.
B
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Which of the following is a key determinant of the price elasticity of supply?
A) the available technology B) the availability of substitutes in production C) the time it takes to change output in response to a change in price D) the slope of the supply curve
The idea that the demand for money is a function of both income and wealth is part of whose theory?
A) Baumol and Friedman B) the quantity theorists C) Keynes D) Tobin
Which of the following is an example of a public good?
A) a box of bath tissues B) a public bus C) an ice cream cone D) street signs
What characteristic defines something as money?
A) assets declared by the government to be of value B) a medium of exchange widely accepted in an economy C) notes you can deposit in a savings account D) an asset that earns interest