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Author Question: If the market for labor is perfectly competitive, the wage rate for labor equals: A) the average ... (Read 213 times)

mcmcdaniel

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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

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

B

Answer to Question 2

C


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mcmcdaniel

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Reply #2 on: Jun 29, 2018
Thank you :)


bd5255

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Reply #3 on: Jun 29, 2018
Happy to help you


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