If Workers Are Perfectly Mobile,what Will Be the Wage of the Typical

question 8

Multiple Choice

If workers are perfectly mobile,what will be the wage of the typical chef in a diner?

• A) $5
• B) $6
• C) $7
• D) $8
• E) $9

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Definitions:

Levied

Imposed, typically referring to taxes or duties.

Equilibrium Quantity

The level of goods or services offered that equals the quantity consumers are willing to buy at the equilibrium price in the market.

Tax Revenue

The financial benefits governments realize from taxation.

Doodads

A nonspecific term often used to refer to small, miscellaneous items or gadgets.