Refer to the below table. What would the wage rate be if all the workers could work in all three labor markets, and they get spread out evenly?
Suppose there are only three labor markets (A, B, and C) in the economy and each of these markets is purely competitive. The table below contains the demand (or marginal-revenue-product) schedule for labor in each of these three markets. Assume there are 24 million homogeneous workers in the economy and that one-half of these workers are male and one-half are female
A. $7.00 for females and $13.00 for males
B. $8.00 for females and $11.00 for males
C. $11.00 for females and $11.00 for males
D. $13.00 for females and $13.00 for males
C. $11.00 for females and $11.00 for males
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Traditionally, elementary and secondary education was an enterprise of state government
a. True b. False
What might explain a professional baseball player having lower production the year after signing a multi-million dollar contract?
A) the substitution effect B) the endowment effect C) bounded rationality D) the income effect