Use the Following to Answer Questions

question 68

Multiple Choice

Use the following to answer questions :
Figure: The Demand for Bricklayers
-(Figure: The Demand for Bricklayers) Use Figure: The Demand for Bricklayers.The equilibrium market wage for bricklayers is determined by:

• A) the firm hiring the bricklayers.
• B) demand and supply in the market for bricklayers.
• C) the government.
• D) where VMPL_Bricklayers = MP_Bricklayers × P of output.

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Definitions:

Economy

An economy is an area of the production, distribution, and trade, as well as consumption of goods and services by different agents, structured within a community or geographical area.

Demand

The volume of a commodity or service that purchasers are prepared and can afford to buy across various price points within a designated timeframe.

Supply

The total amount of a good or service that is available for purchase at various prices in a given market.

Economy

A system of production, distribution, and consumption of goods and services in a particular geographic region.