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Author Question: The lowest wage for which a person is willing to supply labor is known as the A) substitution ... (Read 48 times)

kodithompson

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on: Jun 29, 2018
The lowest wage for which a person is willing to supply labor is known as the
 
  A) substitution wage.
  B) income effect.
  C) derived wage.
  D) reservation wage.

Question 2

Which of the following statements is TRUE?
 
  A) A perfectly competitive market produces more output and charges a lower price than a single-price monopoly.
  B) A perfectly competitive market produces more output and charges the same price as a single-price monopoly.
  C) A perfectly competitive market produces less output and charges a lower price than a single-price monopoly.
  D) A perfectly competitive market produces less output and charges the same price as a single-price monopoly.


Swizqar

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

D

Answer to Question 2

A


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