Refer to Table 4-4. Suppose that the quantity of labor supplied increases by 40,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?

Refer to Figure 12-2. Why is the total revenue curve a ray from the origin?

A) because the firm can sell its product at a constant price B) because revenue increases at a decreasing rate C) because the firm must lower its price to sell more D) because revenue increases at an increasing rate

Which of the following circumstances is most likely to result from a competitive market?

a. Price controls are implemented. b. Existing products are improved. c. Production systems remain stagnant. d. No new products are introduced.