Refer to the figure above. What is the equilibrium quantity of labor hired by the firm when the wage rate is $6 per hour?
A) 10 hours
B) 30 hours
C) 60 hours
D) 90 hours
B
You might also like to view...
For nearly every year since 1970, the United States has:
A. imported more than it exported. B. exported more than it imported. C. imported about the same as it has exported. D. held to very isolationist trade policy.
Which of the following conclusions about supply-side tax initiatives is accepted by most economists?
A. Supply-side tax cuts are likely to benefit the poor as much as the rich. B. Supply-side tax cuts will almost certainly lead to smaller budget deficits. C. Such tax cuts probably will increase aggregate supply quickly, but an increase in aggregate demand will come later. D. Tax reductions aimed at stimulating business investment are likely to have a greater impact than tax reductions aimed at getting people to work longer hours or save more.
Suppose Kate's Great Crete (KGC) has annual variable costs of VC = 30Q + 0.0025Q2 and marginal costs of MC = 30 + 0.005Q, where Q is the number of cubic yards of concrete it produces per year. In addition, it has an avoidable fixed cost of $50,000 per year. KGC's demand function is Qd = 20,000 - 400P. What is the profit maximizing sales price?
A. $47.70 B. $30.00 C. $45.00 D. $50.00
The government is a player in the U.S. labor market in part because the government
A. funds employer-based health insurance benefits. B. assigns potential workers to particular industries. C. suggests a minimum wage for firms to pay. D. determines who is allowed to attend college. E. sets workplace safety rules and regulations.