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Author Question: Assume that both the goods and the labor market are perfectly competitive. If at equilibrium, the ... (Read 100 times)

09madisonrousseau09

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on: Jun 29, 2018
Assume that both the goods and the labor market are perfectly competitive. If at equilibrium, the marginal cost faced by a firm is 6 and the marginal product of the last unit of labor hired by the firm is 2 units, the market wage rate must be:
 
  A) 3.
  B) 6.
  C) 12.
  D) 18.

Question 2

At all the points above the midpoint on a linear demand curve, the value of price elasticity of demand is:
 
  A) equal to one.
  B) zero.
  C) greater than one.
  D) less than one.


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babybsemail

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

C

Answer to Question 2

C


09madisonrousseau09

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  • Posts: 559
Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

coreycathey

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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