Consider a Small,remote Town with Only One Employer - a Gold

question 79

Multiple Choice

Consider a small,remote town with only one employer - a gold mining company.Suppose the current work force is 875 workers,each of whom is paid $6000 per month.In order to attract one additional worker,the employer must increase the wage to $6025 per month.The marginal cost of this additional worker is

• A)$21 875 per month.
• B)$21 900 per month.
• C)$27 900 per month.
• D)$5.25 million per month.
• E)$5.28 million per month.

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Definitions:

Mutual Agreement

An understanding or contract reached between two or more parties, often formalized by a document, indicating a concurrence of wills or intentions.

Accord And Satisfaction

A contractual agreement where a dispute is settled by the parties involved agreeing to give and accept something of value in resolution.

Condition

A stipulation or prerequisite in a contract or agreement that must be met for the agreement to be fully enforceable.

Off-campus Neighborhoods

Residential areas located outside the boundaries of a college or university campus, often inhabited by students.