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In a Perfectly Competitive Market with 1,000 Firms, Each Demanding

Question 42

Multiple Choice

In a perfectly competitive market with 1,000 firms, each demanding 50 laborers at a wage rate of $5 per hour, the quantity demanded of labor by the industry producing for this market at this wage is


A) 25,000 workers
B) 50,000 workers
C) 250,000 workers
D) 5,000 workers
E) insufficient information to determine the quantity

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