Question: 2- A worker can always build a chair in four hours. If a chair sells for $40 in a perfectly competitive market, then the equilibrium

2- A worker can always build a chair in four hours. If a chair sells for $40 in a perfectly competitive market, then the equilibrium wage per hour in a perfectly competitive labor market is a. $4. b. $10. c. $40. d. $160

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

A group of employees receiving sales training produced average monthly sales for the 3 months following the training of $20,500. A properly designed control group for the same period had average...

Lesson 3 Assignment Name MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The main difference between the short run and the long run is that:...

The Ajax Coal Company is the only hirer of labor in its area. It can hire any number of female workers or male workers it wishes. The supply curve for women is given by lf 5 100wf , and for men by lm...

A proposal was considered by European Union regarding the use of cap-and-trade systemto limit the damage caused by Spam, Phishing, malware etc. (I was one of the reviewers of this report which deals...

The current price of a non-dividend paying stock is 40 and the continuously compounded risk-free interest rate is 8%. You enter into a short position on 3 call options, each with 3 months to...

Question 5 (1 point) At the farmer's market in Irvine, California, the price of avocados is set at $3 each. At that price, 120 avocados are supplied but only 100 are purchased. Represent this on a...

Use the graph to answer the question that follows. Based on the accompanying graph, assuming that the velocity of money is constant, between year 1 and year 2, which of the following statements must...

Why might salt be a resource with a high cost in one market and a very low cost in another market? (1 point) Trade could affect costs. Its supply could be scarce in one market and very great in...

1. (01.01 MC) Why might salt be a resource with a high cost in one market and a very low cost in another market? (1 point) Trade could affect costs. Its supply could be scarce in one market and very...

Question 1 Pierre is a photographer in a perfectly competitive market. The graph shown above gives his MC, ATC and AVC curves. Pierre will decide to shut down in the short run if the market price is...

For the below figure (1), Find the magnitude of force required to rolling the cylinder over the holdback, then discuss your results. W h. 8888 Figure (1): Circular cylinder

The vertical shear force acting on the I-section shown is 100 kN. Compute (a) the maximum shear stress acting on the section; and (b) the percentage of the shear force carried by the web. 20 mm 120...

Question 5 ( 6 . 6 7 points ) Communication does not reflect cultural values and perspectives. True False

An object is held in front of a magnifying glass with a focal length of 1.5 cm. The converging lens forms a virtual image 7.5 cm from the object. What is the object distance? Select the correct...

A glass asymmetrical convex lens has 47 cm as the absolute value of its focal length when immersed in water. The relative refractive index of the glass to air is 1.58 and that of the water to air is...

A symmetrical convex lens with a focal length of 25 cm is made of a certain type of glass with a relative refractive index of 1.56 relative to air). What is the radius of curvature of each lens...

An object with a height of 3.4 cm is 28 cm from a (thin) convex lens. The image is 56 cm from the lens on the same side as the object. What is the focal length? Select the correct answer from the...

A flat hollow lens has a spherical surface with 23.5 cm as the absolute value of the radius of curvature and 42. cm as the absolute value of its focal length. Calculate the (relative) refractive...

Among a group of 5 8 programmers, who know either Java or Python or both, 1 5 only know Java and 1 3 only know Python. What is the probability of randomly choosing a programmer who knows both...

8. What are the costs of collecting the information?

6. How great is the time-lag between when an event occurs until we get information about it?

1. Build trust and share information with others.