Which of the following is likely to cause a fall in the wage rate and an increase in the number of workers hired in a local cotton mill?
A) A reduction in wage paid in a nearby jute mill
B) The introduction of labor-saving technology in the mill
C) The introduction of labor-complementary technology in the mill
D) A decrease in the population of the region in which the cotton mill is located
Question 2
Which of the following is an example of a monopolistically competitive market?
A) The market for wheat
B) The market for coffee beans
C) The market for shampoo
D) The market for premium cars
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