If price exceeds average costs under pure competition, ____ firms will enter the industry, supply will ____, and price will be driven ____

Certain countries remain backward because they nurture superstition and are suspicious of new technology. This argument is based on the:

A) geography hypothesis. B) location hypothesis. C) culture hypothesis. D) capital hypothesis.

Consider the labor market depicted in the above figure. What wage rate must be paid to have the 200th hour of labor supplied?

A) $10 B) $15 C) $20 D) None of the above answers is correct.