If a Firm Hires 10 Workers at $6 Per Hour

question 97

Multiple Choice

If a firm hires 10 workers at $6 per hour each and the 11^th worker will be hired only if the wage rate falls to $5 per hour,the marginal wage rate must be

• A)-$5.
• B)$5.
• C)-$5.50.
• D)$5.50.

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Definitions:

Bankruptcy

A ruling granted by courts to release businesses or individuals from some or all of their debt.

Chapter 11

A form of bankruptcy involving the reorganization of a debtor's business affairs, debts, and assets, named after the U.S. bankruptcy code 11.

Bankruptcy Filings

Legal processes by which individuals or businesses declare their inability to pay off outstanding debts.

Median Income

This refers to the middle income value in a given list, where half the incomes are higher and half are lower.