In the table above, what is the equilibrium wage rate in an unregulated market?
A) $8.00 per hour
B) $9.00 per hour
C) $10.00 per hour
D) $11.00 per hour
C
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According to the real-balance effect, an increase in the price level will
A) leave total planned real expenditures unchanged since the price level of all goods has increased. B) decrease total planned real expenditures because of an increase in interest rates. C) lead to a corresponding increase in total planned real expenditures since businesses are now earning higher profits. D) decrease total planned real expenditures as a result of a decrease in the real value of money balances.
Elasticity of resource demand is measured by the:
A. absolute change in resource quantity demanded divided by the absolute change in resource price. B. percentage change in resource quantity demanded divided by the percentage change in resource price. C. absolute change in resource price divided by the absolute change in resource quantity demanded. D. percentage change in resource price divided by the percentage change in resource quantity demanded.