Author Question: What is the real wage rate? What will be an ideal response?[br][br][b][color=#151B54]Question ... (Read 77 times)

hubes95

  • Hero Member
  • *****
  • Posts: 561
What is the real wage rate?
 
  What will be an ideal response?

Question 2

In the above figure showing a perfectly competitive firm's total revenue line, the firm's marginal revenue
 
  A) falls as output increases.
  B) does not change as output increases.
  C) rises as output increases.
  D) cannot be determined.



cclemon1

  • Sr. Member
  • ****
  • Posts: 312
Answer to Question 1

The real wage rate is the money wage rate corrected for changes in the price level. It is calculated by dividing the money wage rate by the price level. The real wage rate is the quantity of goods and services that can be purchased by an hour's worth of work.

Answer to Question 2

B



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
 

Did you know?

Famous people who died from poisoning or drug overdose include, Adolf Hitler, Socrates, Juan Ponce de Leon, Marilyn Monroe, Judy Garland, and John Belushi.

Did you know?

In 1835 it was discovered that a disease of silkworms known as muscardine could be transferred from one silkworm to another, and was caused by a fungus.

Did you know?

In 1844, Charles Goodyear obtained the first patent for a rubber condom.

Did you know?

The U.S. Pharmacopeia Medication Errors Reporting Program states that approximately 50% of all medication errors involve insulin.

Did you know?

Though methadone is often used to treat dependency on other opioids, the drug itself can be abused. Crushing or snorting methadone can achieve the opiate "rush" desired by addicts. Improper use such as these can lead to a dangerous dependency on methadone. This drug now accounts for nearly one-third of opioid-related deaths.

For a complete list of videos, visit our video library