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Author Question: What is the real wage rate? What will be an ideal response?[br][br][b][color=#151B54]Question ... (Read 79 times)

hubes95

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on: Jun 29, 2018
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

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Reply #1 on: Jun 29, 2018
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


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