« previous next »

Author Question: If the market for labor is perfectly competitive, the wage rate for labor equals: A) the average ... (Read 125 times)

mcmcdaniel

  • Hero Member
  • *****
  • Posts: 550
on: Jun 29, 2018
If the market for labor is perfectly competitive, the wage rate for labor equals:
 
  A) the average cost of hiring labor.
  B) the value of the marginal product of labor.
  C) the marginal product of the last unit of labor employed.
  D) the price of the product that the firm produces using the labor services.

Question 2

If a tariff is imposed on imports of shrimp into the United States, U.S. consumer surplus from shrimp will ________ and U.S. producer surplus from shrimp will ________.
 
  A) increase; increase
  B) increase; decrease
  C) decrease; increase
  D) decrease; decrease
  E) increase; not change


bd5255

  • Sr. Member
  • ****
  • Posts: 386
Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

C


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question

mcmcdaniel

  • Hero Member
  • *****
  • Posts: 550
Reply #2 on: Jun 29, 2018
Thank you :)


bd5255

  • Sr. Member
  • ****
  • Posts: 386
Reply #3 on: Jun 29, 2018
Happy to help you


« previous next »
 

Did you know?

The human body's pharmacokinetics are quite varied. Our hair holds onto drugs longer than our urine, blood, or saliva. For example, alcohol can be detected in the hair for up to 90 days after it was consumed. The same is true for marijuana, cocaine, ecstasy, heroin, methamphetamine, and nicotine.

Did you know?

In ancient Rome, many of the richer people in the population had lead-induced gout. The reason for this is unclear. Lead poisoning has also been linked to madness.

Did you know?

Once thought to have neurofibromatosis, Joseph Merrick (also known as "the elephant man") is now, in retrospect, thought by clinical experts to have had Proteus syndrome. This endocrine disease causes continued and abnormal growth of the bones, muscles, skin, and so on and can become completely debilitating with severe deformities occurring anywhere on the body.

Did you know?

Amphetamine poisoning can cause intravascular coagulation, circulatory collapse, rhabdomyolysis, ischemic colitis, acute psychosis, hyperthermia, respiratory distress syndrome, and pericarditis.

Did you know?

The word drug comes from the Dutch word droog (meaning "dry"). For centuries, most drugs came from dried plants, hence the name.

Mars's average distance from the Sun is roughly 230 million km (1.5 AU) and its orbital period Mars's average distance from the Sun is roughly 230 million km (1.5 AU) and its orbital period
THE RATE OF PHOTOSYNTHESIS THE RATE OF PHOTOSYNTHESIS
A Scatterplot of the Test Scores and Average Grades of 10 Students A Scatterplot of the Test Scores and Average Grades of 10 Students
How to convert units of any rate to another (Part 3) How to convert units of any rate to another (Part 3)
Desired Fertility versus Total Fertility Rate in Developing Countries Desired Fertility versus Total Fertility Rate in Developing Countries
Compute the rate of discount allowed on a rotor-tiller that lists for $341.00 and is sold for ... Compute the rate of discount allowed on a rotor-tiller that lists for $341.00 and is sold for ...
Video: Properties of macromolecules (Explained with No Audio)

For a complete list of videos, visit our video library