The Table Below Shows the Labour Demand and Labour Supply

question 58

Multiple Choice

The table below shows the labour demand and labour supply schedules in a competitive labour market.
TABLE 14-1
-Refer to Table 14-1.In this labour market,if the wage rate is $10 per hour,how many hours of labour per month are actually employed?

• A)0
• B)500
• C)1000
• D)1300
• E)1850

---

Definitions:

Average Total Cost

The total cost of production (fixed and variable costs combined) divided by the number of units produced, indicating the cost per unit of output.

Operation Size

The scale or scope of a business's activities, ranging from small, single-location operations to large, multinational corporations.

Diseconomies of Scale

A situation where a company or organization grows so large that the costs per unit increase.

Long-run

A period in economics sufficient for all markets to adjust to changes, including those made in physical capital or production capacities.