The First 3 Columns of the Following Table Show Data

question 107

Multiple Choice

The first 3 columns of the following table show data for a representative firm in an industry.The last 3 columns show the market demand and supply for the type of labour employed by this firm.

-Refer to the information above to answer this question.What is the equilibrium wage rate if the firm maximizes its profits?

• A)$5.
• B)$12.
• C)$18.
• D)$20.
• E)Cannot be determined.

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Definitions:

Orderly Transfer

A well-organized and systematic process of passing authority, responsibility, or information from one entity to another.

Goods And Services

Products and activities provided in the marketplace that satisfy consumer needs and wants.

Seller To Buyer

The transfer of products, services, or assets from the seller to the buyer in a market transaction.

Ownership Utility

Orderly transfer of goods and services from the seller to the buyer; also called possession utility.