Refer to the Following Information Given in the Table Below $$950; $11

question 40

Multiple Choice

refer to the following information given in the table below. There are initially 28 workers in market A and 63 workers in market B as indicated by the shaded cells. All markets are assumed competitive and there is perfect information and costless migration; jobs in markets A and B are identical in all nonwage aspects.




-After all adjustments to equilibrium take place in this market,the equilibrium wage rate in markets A and B,respectively,are:

• A)$8.50; $10.50
• B)$9.50; $9.50
• C)$10.00; $10.00
• D)$$9.50; $11.50

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Definitions:

Acceptable Assumptions

The premises that are considered reasonable and are accepted without requiring empirical evidence, often used as a foundational basis in arguments or theories.

Random Sampling

A method of selecting a sample from a population in such a way that each individual has an equal probability of being chosen, ensuring the representativeness of the sample.

Equal Chance

The principle that in a certain process, event, or situation, all outcomes or participants have the same probability or likelihood of occurring or being selected.

Correlation

A statistical measure that expresses the extent to which two variables change together; if the correlation is positive, as one variable increases, the other does as well.