Author Question: If the labor market in the above figure is competitive, what is the equilibrium wage and quantity of ... (Read 107 times)

Diane

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If the labor market in the above figure is competitive, what is the equilibrium wage and quantity of labor hired?
 
  A) 10 and 100 hours
  B) 10 and 50 hours
  C) 5 and 100 hours
  D) 15 and 50 hours

Question 2

According to the principle of diminishing marginal utility, as an individual consumes more and more of a good or service, the total utility increases while the marginal utility decreases.
 
  Indicate whether the statement is true or false



johnpizzaz

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Answer to Question 1

A

Answer to Question 2

TRUE



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