Refer to the given data. If the market wage rate is $8, this firm will employ:
A. 2 workers.
B. 3 workers.
C. 4 workers.
D. 5 workers.
C. 4 workers.
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As a tool that is used to measure inequality in the distribution of income, the Lorenz curve graphs
A) the cumulative percentage of income against the cumulative percentage of households. B) the percentage of total income received by each given percentage of households. C) the mean income, median income, and mode income against the percentage of households. D) the mean income received by households over time.
In the long run if there is a shortage in the market for a product, the guiding (allocation) function of price can be expected to cause
A) an increasing shift in the demand for the product. B) a decreasing shift in the demand for the product. C) an increasing shift in the supply of the product. D) a decreasing shift in the supply of the product.