This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Assume that both the goods and the labor market are perfectly competitive. If at equilibrium, the ... (Read 112 times)

09madisonrousseau09

  • Hero Member
  • *****
  • Posts: 559
on: Jun 29, 2018
Assume that both the goods and the labor market are perfectly competitive. If at equilibrium, the marginal cost faced by a firm is 6 and the marginal product of the last unit of labor hired by the firm is 2 units, the market wage rate must be:
 
  A) 3.
  B) 6.
  C) 12.
  D) 18.

Question 2

At all the points above the midpoint on a linear demand curve, the value of price elasticity of demand is:
 
  A) equal to one.
  B) zero.
  C) greater than one.
  D) less than one.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

babybsemail

  • Sr. Member
  • ****
  • Posts: 304
Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

C


09madisonrousseau09

  • Member
  • Posts: 559
Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

gcook

  • Member
  • Posts: 343
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

There are over 65,000 known species of protozoa. About 10,000 species are parasitic.

Did you know?

Children with strabismus (crossed eyes) can be treated. They are not able to outgrow this condition on their own, but with help, it can be more easily corrected at a younger age. It is important for infants to have eye examinations as early as possible in their development and then another at age 2 years.

Did you know?

Critical care patients are twice as likely to receive the wrong medication. Of these errors, 20% are life-threatening, and 42% require additional life-sustaining treatments.

Did you know?

Before a vaccine is licensed in the USA, the Food and Drug Administration (FDA) reviews it for safety and effectiveness. The CDC then reviews all studies again, as well as the American Academy of Pediatrics and the American Academy of Family Physicians. Every lot of vaccine is tested before administration to the public, and the FDA regularly inspects vaccine manufacturers' facilities.

Did you know?

Warfarin was developed as a consequence of the study of a strange bleeding disorder that suddenly occurred in cattle on the northern prairies of the United States in the early 1900s.

Walter Thompson saw his assets evaporate during the stock market collapse in 1929. Desperate for ... Walter Thompson saw his assets evaporate during the stock market collapse in 1929. Desperate for ...
Vapour-liquid equilibrium acetone + water Vapour-liquid equilibrium acetone + water
North Korea: Labor Issues North Korea: Labor Issues
Stock Market Tracks Growth in GDP Stock Market Tracks Growth in GDP
Write equilibrium constant expressions for the following reactions in terms of concentration: Write equilibrium constant expressions for the following reactions in terms of concentration:
Write equilibrium constant expressions for the following reactions in terms of concentration: Write equilibrium constant expressions for the following reactions in terms of concentration:
Video: Graded potentials - electrical characteristics and types

For a complete list of videos, visit our video library