Use the Resource Demand Data Shown on the Left and the Resource

question 127

Multiple Choice

Use the resource demand data shown on the left and the resource supply data on the right in answering the following question: $\begin{array}{c}\underline{\text { Labor Demand Data }}\quad\quad\quad\quad\quad\quad\quad\quad\underline{\text { Labor Supply Data }}\\\begin{array}{c}\\\underline{\text {Employment}}\\0\\1\\2\\3\\4\\5\\6\end{array}\begin{array}{c}\text {Marginal}\\\underline{\text {Product}}\\0\\15\\28\\39\\48\\55\\60\end{array}\begin{array}{c}\text { Product }\\\underline{\text { Price } }\\\$ 2.20 \\2.00 \\1.80 \\1.60 \\1.40 \\1.20 \\1.00 \end{array}\begin{array}{c}\\\underline{\text {Employment}}\\0\\1\\2\\3\\4\\5\\6 \end{array}\begin{array}{c}\text { Wage}\\\underline{\text { Rate }} \\-- \\\$1.00 \\2.00\\3.00 \\4.00 \\5.00 \\6.00\end{array}\end{array}$
Refer to the given data.We can conclude that:

• A) both the product and resource markets are imperfectly competitive.
• B) the resource market is imperfectly competitive,but the product market is purely competitive.
• C) both the resource and product markets are purely competitive.
• D) the resource market is purely competitive,but the product market is imperfectly competitive.

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Definitions:

English Monarchs

The sovereign heads of state of England, ruling over the country during its monarchy periods, historical and current.

Sane

Relates to a state of mind that exhibits reasonableness, rationality, and sound mental health, often legally used to determine an individual's competency.

Egyptians

Refers to the people originating from or residing in Egypt, a country in North Africa.

Muslim Brotherhood

A transnational Sunni Islamist organization founded in Egypt, known for its political activism and social services.