When a firm faces a labor supply curve that is upward sloping, ...

[nelaaney]

When a firm faces a labor supply curve that is upward sloping, the firm must
 
  A) offer a higher wage if it wishes to hire more workers.
  B) pay a wage that exceeds the value of marginal product.
  C) pay a wage that does not exceed the minimum wage.
  D) maximize the amount of labor that it hires.

Question 2

In the above figure of a monopolistically competitive firm, in the long run after all industry adjustments have taken place, assuming that this firm's costs have not changed the firm will
 
  A) produce more output at a higher price.
  B) produce less output at a lower price.
  C) produce the same quantity at the same price.
  D) Any of the above are possible.

[irishcancer18]

Answer to Question 1

A

Answer to Question 2

B

[nelaaney]

Correct answers!

[irishcancer18]

Great! Please up vote