The following figure depicts the labor markets of two different firms.
-Refer to the figure above.Let the price of A's output be PA and the price of B's output be PB.If firm A hires 8 employees at a wage of $12 and firm B hires 2 employees at a wage of $18,what is the ratio PA/PB?
Definitions:
Buying Behavior
The decision processes and acts of individuals involved in buying and using products.
Opportunity Cost
The cost of an alternative that must be forgone as a result of choosing another option, representing the benefits that could have been received by taking a different path.
Free Lunch
An expression indicating that obtaining goods or services without cost or effort is impossible in economic terms, as there's always a trade-off.
Economic Theory
An organized set of concepts and principles that aims to explain how economies function and to provide a framework for economic policy decisions.
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