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Author Question: Under perfect competition, the equilibrium price of labor used to produce cloth will be equal to ... (Read 53 times)

mckennatimberlake

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on: Jun 30, 2018
Under perfect competition, the equilibrium price of labor used to produce cloth will be equal to
 
  A) the marginal product of labor in the production of cloth times the price of cloth.
  B) the average product of labor in the production of cloth times the price of cloth.
  C) the ratio of the marginal product of labor in the production of cloth to the marginal product of labor in the production of food times the ratio of the price of cloth. to the price of food.
  D) the slope of the production possibility frontier.
  E) the price of cloth divided by the marginal product of labor in the production of cloth.

Question 2

Refer to the figure above. A tariff of ________ would be purely protective.
 
  A) 0
  B) 5
  C) 8
  D) 10


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mtmmmmmk

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Reply #1 on: Jun 30, 2018
Answer to Question 1

A

Answer to Question 2

D


mckennatimberlake

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Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)

softEldritch

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

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