Assume that both the goods and the labor market are perfectly ...

[09madisonrousseau09]

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.

[babybsemail]

Answer to Question 1

C

Answer to Question 2

C

[09madisonrousseau09]

Thanks for the timely response, appreciate it

[jackie]

TYSM