Exhibit 13-1 
-Refer to Exhibit 13-1. Suppose the firm is competitive and the output price is $10. Also suppose the prevailing wage is $200 per week. The firm will be able to hire ____ workers.
Definitions:
Economic Profit
The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, representing an excess return over and above normal profits.
Price Takers
Firms or individuals who accept the market price as is because they do not have enough market power to influence the price of the goods or services they sell.
Downward-Sloping Demand
A concept in economics that indicates demand for a good or service decreases as its price increases, assuming all other factors remain constant.
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