Table 18.3.1 -Refer to Table 18.3.1. Table 18.3.1 Gives Information About the About

question 86

Multiple Choice

Table 18.3.1
-Refer to Table 18.3.1. Table 18.3.1 gives information about the labour market in Lantis, a community in which the labour market is perfectly competitive. The equilibrium wage rate is ________ an hour and the quantity of labour employed is ________ hours per day.

• A)$25; 600
• B)$25; 200
• C)$15; 400
• D)$5; 200
• E)$5; 600

---

Definitions:

Marginal Revenue

The augmented income earned from trading one extra unit of a product or service.

Total Revenue

The entire sum of funds a company acquires from selling goods or offering services over a specific duration.

Marginal Cost Curve

A graphical representation that shows how the cost of producing one additional unit of a good changes as production volume changes.

Average Variable Cost Curve

A graphical representation that shows how the cost per unit of producing a variable quantity of goods changes as the quantity of output is altered.