Consider a perfectly competitive firm that produces computers. Each additional worker at this firm can produce four computers. Calculate the marginal factor cost if the computers are sold for 1,000 each, and the firm is maximizing profit. (Assume that marginal revenue product is the product of marginal product of the input and the marginal revenue of the firm.)
a. 4,000
b. 500
c. 1,000
d. 1,500
e. 400
Question 2
What do you mean by the term 'equilibrium wage'?
a. It is the wage that is determined when potential employers and potential employees are free to transact as they wish.
b. It is a wage determined by the government with an intention to narrow the gap between the higher and the lower income groups.
c. It is a wage at which the workers refuse to offer labor.
d. It is a minimum possible rate that an employer must pay in order to hire a labor.
e. It is a wage at which there is an excess supply of workers.
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