Use the Following Table,which Shows the Supply and Demand Schedules

question 124

Multiple Choice

Use the following table,which shows the supply and demand schedules for workers in the country of Hovian,to answer the following questions:

-There will be a surplus of ________ workers at a wage of ________.

• A) 75; $10
• B) 100; $20
• C) 135; $40
• D) 40; $40
• E) 50; $30

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Definitions:

Purely Competitive Seller

A seller in a market characterized by many buyers and sellers, free entry and exit, and a homogeneous product where no single seller can influence market price.

Units of Output

A measure of production or productivity, essentially counting the quantity of goods or services produced.

Total Fixed Cost

The sum of all costs that remain constant regardless of the level of production or output.

Purely Competitive Seller

A seller in a market structure characterized by many sellers offering identical products, where no single seller can influence the market price.