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2 months ago
Suppose there are 100 firms in a market and all are identical. Firm A will hire 20 workers when the wage rate is $10, 25 workers when the wage rate is $9, and 30 workers when the wage rate is $8. The equilibrium wage rate for a number of years has been $9. If the wage rate falls to $8, we know that

• the quantity demanded for the market will increase to 3,000 workers.

• the quantity demanded for the market will increase to less than 3,000 workers.

• the quantity demanded for the market will increase to more than 3,000 workers.

• the quantity demanded for the market will increase, but we can't tell which of the above answers is correct.
Source  Download
Economics Today: The Micro View
Edition: 19th
Author:
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the quantity demanded for the market will increase to 3,000 workers.
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