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Author Question: The demand and supply curves shown below apply to a competitive market for a factor used in the ... (Read 25 times)

emoedee

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on: Oct 12, 2022

The demand and supply curves shown below apply to a competitive market for a factor used in the production of widgets.



FIGURE 13-2

Refer to Figure 13-2. If the supply and demand curves for the factor are as shown in the diagram, but the wage being paid is $9, and the market is at point C,


◦ the demand curve will shift to the left until equilibrium factor price and quantity are re-established.
◦ the wage is higher than the factor's marginal revenue product, and firms will reduce the amount of the factor employed.
◦ the demand curve will shift to the right until equilibrium factor price and quantity are re-established.
◦ the marginal revenue product is not equal to the marginal cost of the factor and firms will increase the amount of the factor employed.
◦ the wage is higher than the factor's marginal product, and firms will reduce the amount of the factor employed.
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by emoedee on Oct 12, 2022

ad2018

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Reply #1 on: Oct 12, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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emoedee

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Reply 2 on: Oct 12, 2022
Excellent

softEldritch

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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