Author Question: What is the real wage rate? What will be an ideal response?[br][br][b][color=#151B54]Question ... (Read 84 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?

Multiple sclerosis is a condition wherein the body's nervous system is weakened by an autoimmune reaction that attacks the myelin sheaths of neurons.

Did you know?

The top 10 most important tips that will help you grow old gracefully include (1) quit smoking, (2) keep your weight down, (3) take supplements, (4) skip a meal each day or fast 1 day per week, (5) get a pet, (6) get medical help for chronic pain, (7) walk regularly, (8) reduce arguments, (9) put live plants in your living space, and (10) do some weight training.

Did you know?

Glaucoma is a leading cause of blindness. As of yet, there is no cure. Everyone is at risk, and there may be no warning signs. It is six to eight times more common in African Americans than in whites. The best and most effective way to detect glaucoma is to receive a dilated eye examination.

Did you know?

Elderly adults are living longer, and causes of death are shifting. At the same time, autopsy rates are at or near their lowest in history.

Did you know?

Increased intake of vitamin D has been shown to reduce fractures up to 25% in older people.

For a complete list of videos, visit our video library