The table above shows the demand for labor and supply of labor schedules for low-skilled labor. If the labor market is competitive, what is the wage rate of low-skilled labor and what is the quantity of low-skilled labor employed?
A) $6 an hour; 60 hours a day
B) $6 an hour; 65 hours a day
C) $4 an hour; 70 hours a day
D) $4 an hour; 55 hours a day
A
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Suppose the supply of farmland is infinitely inelastic and the demand for land is downward sloping but inelastic at the current equilibrium
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a. typically increases from one year to the next b. represents the demand for investment c. represents the opportunity cost of funds d. represents the supply of loanable funds e. is not affected by the demand for investment