The Figure Given Below Represents Equilibrium in the Labor Market

question 53

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

-Transfer earnings of a factor is equal to its:

• A)economic rent.
• B)explicit cost.
• C)actual earnings.
• D)overhead cost.
• E)opportunity cost.

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