Use the Following to Answer Question(s): Demand and Supply of Bricklayers

question 85

Multiple Choice

Use the following to answer question(s) : Demand and Supply of Bricklayers in a Perfectly Competitive Labor Market

-(Exhibit: Demand and Supply of Bricklayers in a Perfectly Competitive Labor Market) If the price (wage) of bricklayers is $100 per day, _______ bricklayers will be hired.

• A) 4
• B) 5
• C) 6
• D) There is insufficient information to make this decision.

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Definitions:

Perfect Competitor

A firm in a perfectly competitive market, where there are many buyers and sellers, all products are identical, and no single buyer or seller can influence the market price.

Perfect Competitor

A theoretical market structure where numerous small firms compete against each other with no single company controlling the market price.

Long Run

A period in economics sufficient for all markets to adjust, including production, labor, and capital.

Marginal Revenue

The additional income received from selling one more unit of a product.