The figure above shows a labor market. If this labor market is perfectly competitive, the wage rate is
A) $4 per hour.
B) $6 per hour.
C) $8 per hour.
D) $10 per hour.
B
Economics
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
Economics
A situation in which output decreases while prices increase is often referred to as:
A. inflation. B. negative economic growth. C. a recession. D. stagflation.
Economics