Sally runs a hair styling salon. Sally is a profit-maximizing owner whose firm operates in a competitive market. The marginal cost of a haircut is $15 . What is the maximum wage that Sally will pay her stylists?
a. less than $15 per haircut
b. $15 per haircut
c. more than $15 haircut
d. There is insufficient information to answer this question.
d
Economics
You might also like to view...
Intermediate goods are excluded from GDP because
A) their inclusion would involve double counting. B) they represent goods that have never been purchased so they cannot be counted. C) their inclusion would understate GDP. D) the premise of the question is incorrect because intermediate goods are directly included in calculating GDP.
Economics
Explain how a mortgage lender may act differently if it intends to resell mortgages in secondary markets instead of holding the mortgages itself
What will be an ideal response?
Economics