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Author Question: When a firm faces a labor supply curve that is upward sloping, the firm must A) offer a higher ... (Read 118 times)

nelaaney

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on: Jun 29, 2018
When a firm faces a labor supply curve that is upward sloping, the firm must
 
  A) offer a higher wage if it wishes to hire more workers.
  B) pay a wage that exceeds the value of marginal product.
  C) pay a wage that does not exceed the minimum wage.
  D) maximize the amount of labor that it hires.

Question 2

In the above figure of a monopolistically competitive firm, in the long run after all industry adjustments have taken place, assuming that this firm's costs have not changed the firm will
 
  A) produce more output at a higher price.
  B) produce less output at a lower price.
  C) produce the same quantity at the same price.
  D) Any of the above are possible.


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irishcancer18

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

B


nelaaney

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Reply #2 on: Jun 29, 2018
Correct answers!


irishcancer18

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Reply #3 on: Jun 29, 2018
Great! Please up vote :D


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