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Author Question: If the labor market is perfectly competitive the wage rate will be less than the marginal revenue ... (Read 159 times)

leilurhhh

  • Hero Member
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  • Posts: 560
on: Jun 30, 2018
If the labor market is perfectly competitive the wage rate will be less than the marginal revenue product of labor.
 a. True
  b. False
  Indicate whether the statement is true or false

Question 2

If a 10 percent increase in the price of gasoline results in a 2 percent decrease in the quantity demanded of gasoline, then the elasticity of demand for gasoline is:
 a. equal to 0.2 and demand is inelastic.
  b. equal to 0.2 and demand is elastic.
  c. equal to 0.02 and demand is elastic.
  d. equal to 0.5 and demand is inelastic.
  e. equal to 0.5 and the demand is elastic.


aliotak

  • Sr. Member
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  • Posts: 326
Reply #1 on: Jun 30, 2018
Answer to Question 1

False

Answer to Question 2

a


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