In WORKLAND,the Marginal Product of Labour (MPN)is Given by MPN

question 73

Multiple Choice

In WORKLAND,the marginal product of labour (MPN) is given by MPN = 100 - N,where N is the amount of labour used,and the labour supply by NS = 10 + 5w + 2T,where w is the real wage and T is a lump-sum tax.What is the equilibrium real wage in WORKLAND,if T = 21?

• A)6
• B)10
• C)8
• D)5

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Definitions:

Due Date

The date by which a payment, task, or obligation must be completed or fulfilled.

Journalize

The process of recording transactions in a journal or diary, which includes specifying the accounts affected and the amounts, usually as a first step in the accounting cycle.

Due Date

The specified date by which a payment must be made or a task must be completed.

Interest Due

The amount of interest that has been incurred on a loan or debt but has not yet been paid.