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Author Question: If the labor market in the above figure is competitive, what is the equilibrium wage and quantity of ... (Read 97 times)

Diane

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  • Posts: 576
on: Jun 29, 2018
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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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

TRUE


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