Assume that this graph illustrates a perfectly competitive labor market.Equilibrium in this labor market is at a wage of ________ per hour and an employment level of ________ person-hours per day.

Ayanna grows herbs. Last year she grew 2,000 pounds of herbs in a year while using 250 square feet of land and 1 worker. This year she doubled her land to 500 square feet, doubled her workers to 2, and grew 4,500 pounds of herbs

She sells her rare, organic herbs for $50 a pound. She pays her workers $25,000 a year and rents her land for $100 per square foot for a year. These are her only costs. a) What was Ayanna's total cost last year and this year? b) What was Ayanna's average total cost last year and this year? c) Did Ayanna experience economies or diseconomies of scale?

A government policy that prevents the price of a good or service from falling below a specified level is called a price floor and usually results in

a. a shortage. b. a surplus. c. a black market. d. fewer producers of the good or service. e. a decrease in demand.