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
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Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ...