Table 101 -Refer to Table 10

question 244

Multiple Choice

Table 10.1
$$\begin{array} { | c | c | } \hline \begin{array} { c } \text { Quantity of } \\\text { labour }\end{array} & \text { Output (units) } \\\hline 1 & 80 \\\hline 2 & 170 \\\hline 3 & 240 \\\hline 4 & 300 \\\hline 5 & 350 \\\hline 6 & 390 \\\hline 7 & 420 \\\hline\end{array}$$
-Refer to Table 10.1.Suppose the output price is $3.If the firm represented in the table is maximising its profit by hiring six workers,the wage rate is

• A) $120
• B) $65
• C) $40
• D) There is insufficient information to answer the question

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Definitions:

Determinant of Supply

Factors that influence the quantity of a good or service that producers are willing and able to sell at a given price, such as production technology, input prices, and expectations of future prices.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers equals the quantity supplied by producers.

Excise Tax

A tax levied on specific goods, services, or transactions, often specific types of products such as gasoline, cigarettes, or alcohol.

Equilibrium Price

The cost at which the amount of a good consumers want to buy matches the amount producers are willing to sell, achieving a state of equilibrium in the market.