Refer to the below table and information. What will be the equilibrium wage rate?
Suppose a single firm has the marginal revenue product schedule for a particular type of labor given in the left table. Assume there are 150 firms with the same marginal-revenue-product schedules for this particular type of labor.
A. $7
B. $8
C. $9
D. $10
B. $8
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The circular flow shows that the household sector earns its income by
A) selling factors of production. B) buying factors of production. C) selling goods and services. D) selling financial assets.
A tax on individuals’ earnings is called the:
A. payroll tax. B. personal income tax. C. corporate income tax. D. excise tax.
A negative externality
a. is an adverse impact on a bystander. b. causes the product in a market to be under-produced. c. is an adverse impact on market participants. d. is present in markets where the good or service does not have any impact on bystanders.
An economy's production possibilities curve indicates
A. The rate of economic growth. B. How much the economy can produce. C. The rate of investment. D. The prices of any two goods.