Multiple Choice
If the price of a motorcycle is $5,000, and workers who make motorcycles earn a wage rate of $50, how many workers will be hired when the labor market is in equilibrium?
A) There is not enough information to determine how many would be hired.
B) Hiring will continue until the price falls to $50.
C) Hiring will continue until the wage rate rises to $5,000.
D) Hiring will continue until the MRP of the worker is greater than zero.
E) Hiring will continue until the MPP of the last worker is 0.01 motorcycles.
Correct Answer:
Verified
Correct Answer:
Verified
Q83: When the quantity demanded of labor exceeds
Q84: If MRP > MLC, the firm<br>A) is
Q85: If the wage is fixed at $8
Q86: If MRP < MLC, the firm<br>A) is
Q87: The marginal revenue product curve is the<br>A)
Q89: Give an example of someone who works
Q90: Marginal physical product is measured in terms
Q91: Professor Weldon offers to pay his graduate
Q92: When diminishing returns set in, total output
Q93: The more restrictive the government's immigration policies