Refer to the figure above. If the profit-maximizing quantity of labor hired by the firm is 40 hours, the market wage rate must be ________
A) $2 per hour
B) $5 per hour
C) $7 per hour
D) $8 per hour
B
Economics
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A decrease in the real interest rate occurs when ________
A) there is an autonomous tightening of monetary policy B) expected inflation increases, relative to the nominal interest rate C) a decrease in autonomous spending causes a decrease in equilibrium output D) all of the above E) none of the above
Economics
A maximum legal price that may be charged for a particular good or service is known as a
A) price floor. B) price ceiling. C) black market. D) price support.
Economics