The Figure Given Below Represents Equilibrium in the Labor Market

question 88

Multiple Choice

The figure given below represents equilibrium in the labor market with the demand and supply curves of labor.Figure 14.6
In the figure,
D = MRP implies demand for labor = Marginal Revenue Product
MFC represents Marginal Factor Cost curve
S represents the supply curve of labor

-According to Figure 14.6, what is the wage and quantity of labor hired by a competitive firm?

• A)$12 and 75 laborers
• B)$20 and 75 laborers
• C)$15 and 125 laborers
• D)$10 and 250 laborers
• E)$23 and 50 laborers

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Definitions:

Apical

Pertaining to the tip or apex of an organ or structure, such as the apex of the heart.

Radial Pulses

The pulse felt at the wrist where the radial artery runs, commonly used to measure heart rate.

Toddler

A child aged roughly between 1 and 3 years, characterized by rapid development in mobility and cognitive skills.

Newborn

An infant who is within hours, days, or up to a few weeks old.