Refer to the Table, Which Gives Data for a Firm

question 243

Multiple Choice

Refer to the table, which gives data for a firm that is hiring labor in a purely competitive market. If the wage rate is $56, how many workers will the firm choose to employ?

• A)3
• B)2
• C)0

---

Definitions:

Terms of Payment

The conditions under which a seller will complete a sale, typically specifying the period allowed to a buyer to pay for the goods or services received.

Equal Credit Opportunity Act

A United States federal law ensuring all consumers are given an equal chance to obtain credit, regardless of race, religion, national origin, sex, or marital status.

Discriminating

The act of making distinctions or differentiating between objects, subjects, or concepts.

Creditors

Individuals or institutions to whom money is owed by a debtor for provided goods or services, or as a result of a loan agreement.