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:

Routine Practices

Established procedures and standards that are followed regularly by organizations or individuals.

Whistleblowing

The act of exposing any kind of information or activity deemed illegal, unethical, or not correct within an organization.

Communication Costs

Expenses associated with the transfer of information, such as telecommunications, mailing, and meetings.

Main Costs

The primary or most significant expenses associated with running a business, project, or task.