Refer to the above table. Suppose the price of the good sold is $10 and the marginal factor cost of labor is $700, how many units of labor will the firm hire?

Monopolistic competition is characterized by which of the following attributes? (i) free entry (ii) product differentiation (iii) many sellers

a. (i) and (iii) only b. (i) and (ii) only c. (ii) and (iii) only d. (i), (ii), and (iii)

A difference in wages that reflects differences in the nonpay features of two jobs is called

a. a compensating differential. b. a wage adjustment. c. an efficiency wage. d. a minimum wage.