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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 50 times)

emoedee

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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.


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Marked as best answer by emoedee on Oct 12, 2022

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emoedee

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Reply 2 on: Oct 12, 2022
Excellent


ktidd

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

 

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