City-Mart is the only employer of sales clerks in Panburg. In the figure above S is the labor supply curve faced by City-Mart, VMP is City-Mart's value of marginal product curve, and MCL is its marginal cost of labor curve
The lowest wage rate at which City-Mart can hire 40 hours of labor per day is A) $8 per hour.
B) $12 per hour.
C) $4 per hour.
D) $9 per hour.
C
Economics
You might also like to view...
Refute the claim by mercantilists who claimed that without severe restrictions on international trade and payments, a country might find itself impoverished and without an adequate supply of circulating monetary gold as a result of balance of
payments deficits.
Economics
Any competitive equilibrium is Pareto efficient because, with a competitive equilibrium,
A) the marginal rates of substitution are equal for all consumers. B) the price line is the contract curve. C) mutual gains from trade exist. D) the slope of the price line equals the ratio of the MRS for all consumers.
Economics