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Hpreet796 Hpreet796
wrote...
Posts: 341
A week ago

Question 1.

If a worker can produce 20 units of output which can be sold for $4 per unit, what is the maximum wage that firm should pay to hire this worker?



$80



It depends on what the going wage rate is in the labor market.



$80 minus the firm's profit markup



There is insufficient information to answer the question.



Question 2.

An increase in a perfectly competitive firm's demand for labor could be caused by



an increase in the market demand for the firm's product.



a decrease in the marginal product of workers.



a decrease in the market wage rate.



an increase in the quantity of labor supplied.

Textbook 

InMicro


Edition: 1st
Authors:
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Answer verified by a subject expert
urbacoreurbacore
wrote...
Posts: 296
A week ago
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Answer 1

$80



Answer 2

an increase in the market demand for the firm's product.

1

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