Suppose That a Firm Hiring Labor in a Perfectly Competitive

question 144

Multiple Choice

Suppose that a firm hiring labor in a perfectly competitive factor market increases the quantity of labor from 20 workers to 21 workers.If the marginal factor cost for the twenty-first worker is $10, the market wage is:

• A) $10.
• B) $11.
• C) $200.
• D) $210.

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Definitions:

Iris

The colored part of the eye that surrounds the pupil and controls the amount of light entering the eye by adjusting the size of the pupil.

Ganglion Cells

Type of neurons found in the retina that receive visual information from photoreceptors via intermediate bipolar cells and transmit it to the brain.

Optic Nerve

An optic nerve that carries sight data from the retina directly to the brain.

Blind Spot

A region in the visual field that lacks light-detecting photoreceptor cells, resulting in an area with no vision.