The figure above shows that the lowest wage rate for which someone is willing to work is
A) $3 an hour.
B) $5 an hour.
C) $6 an hour.
D) $7 an hour.
E) $4 an hour.
A
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Compare and contrast the effect of perfect competition to the effect of perfect price discrimination on: a) efficiency. b) consumer surplus. c) economic profit in the long run
What will be an ideal response?
A 10 percent rise in the price of housing reduces the quantity demanded of housing by 3 percent. We can conclude that the demand for housing is:
A. inelastic. B. elastic. C. unitary elastic. D. perfectly elastic.
Suppose the capital stock increases by 10% and the number of employed workers increases by 5%. Given this information, explain what will happen to output and to output per worker
What will be an ideal response?
An emission charge decreases private marginal cost and encourages greater output.
Answer the following statement true (T) or false (F)