Refer to Table 4-4. Suppose that the quantity of labor supplied ...

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Refer to Table 4-4. Suppose that the quantity of labor supplied decreases by 40,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?
 
  A) W = 9.00; Q = 330,000 B) W = 8.00; Q = 390,000
  C) W = 10.00; Q = 350,000 D) W = 9.50; Q = 370,000

Question 2

Refer to Table 2-7. What is Minnie's opportunity cost of making an umbrella?
 
  A) 1/10 of a hat B) 1/4 of a hat C) 4 hats D) 40 hats

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Answer to Question 1

C

Answer to Question 2

C