Homework Clinic
Social Science Clinic => Economics => Topic started by: lilldybug07 on Jun 29, 2018
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The first table shows the market demand schedule for CDs, and the second table shows the cost structure of each firm. The CD market is perfectly competitive and there are 100 identical firms.
The market price of a CD is ________, and ________ CDs are produced and sold. A) 9.00; 20,000
B) 9.50; 15,000
C) 10.00; 10,000
D) 8.50; 24,000
Question 2
In the figure above, if the minimum wage is 2 per hour, then
A) the quantity of labor supplied is 4 million hours and the quantity of labor demanded is 2 million hours.
B) the quantity of labor demanded is 4 million hours and the quantity of labor supplied is 2 million hours.
C) unemployment is 1 million hours.
D) the quantity of labor supplied is 3 million hours and the quantity of labor demanded is 3 million hours.
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Answer to Question 1
B
Answer to Question 2
D