Huynh Is a Piece Rate Worker Who Creates Custom Molds

question 55

Multiple Choice

Huynh is a piece rate worker who creates custom molds for a plastics manufacturer.During a 40-hour workweek,he created 22 molds at a piece rate of $38.25 per mold.His hourly rate during the workweek is ________.(Do not round intermediate calculations.Round your answer to 2 decimal places. )

• A)$18.38
• B)$21.04
• C)$19.46
• D)$20.96

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Definitions:

Dominant Strategy

A strategy in game theory that is best for a player, regardless of the strategies chosen by the other players.

Maximum Profits

The highest amount of earnings achievable by a firm when marginal costs equal marginal revenue.

Cartel

A group of producers or vendors coming together to keep prices elevated and limit competition.

Perfectly Competitive

In a perfectly competitive market, numerous small firms sell identical products, and no single seller can influence the market price.