The labor market for ultrasound technicians in Cleveland is initially in equilibrium. Which of the following would lead to a lower wage rate and higher employment in that market?
a. a drop in demand for diagnostic services at Cleveland hospitals
b. a drop in the price of ultrasound equipment
c. an increase in the length of training required for ultrasound technicians
d. a shift in potential workers' tastes away from hospital and clinical work
e. a wage decrease for ultrasound technicians in nearby cities
E
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If the demand curve is a vertical line, then
a. demand is perfectly elastic b. demand is perfectly inelastic c. demand is unit elastic d. demand is determined by supply e. supply is a horizontal line
When a firm produces 50,000 units of output, its total cost equals $6.5 million. When it increases its production to 70,000 units of output, its total cost increases to $9.4 million. Within this range, the marginal cost of an additional unit of output is
A) $41.43. B) $134.29. C) $135. D) $145.