If a firm hires its fourth worker for 5 and its fifth worker for ...

[nelaaney]

If a firm hires its fourth worker for 5 and its fifth worker for 8, then
 a. the firm is a monopolist.
  b. the firm must be substituting capital for labor.
  c. the fifth worker must have been less productive than the fourth.
  d. the firm is not maximizing its profit.
  e. the labor market is not perfectly competitive.

Question 2

Which of the following is the purpose of a minimum wage?
 a. To reduce the wage rates of high-income workers
 b. To keep a track of the changes in the wage rate in an unskilled labor market
  c. To deal with the problem of unemployment in the market
 d. To help increase the profits earned by the producers
 e. To raise the wage rate for the lowest income workers

[emilymalinowski12]

Answer to Question 1

e

Answer to Question 2

e

[nelaaney]

Thanks for the timely response, appreciate it

[ghepp]

Gracias!