1.Refer to the table above. If the firm is hiring workers under purely competiti
ID: 1193688 • Letter: 1
Question
1.Refer to the table above. If the firm is hiring workers under purely competitive conditions at a wage rate of $22, it will employ:
2.A farmer who has fixed amounts of land and capital finds that total product is 24 for the first worker hired; 32 when two workers are hired; 37 when three are hired; and 40 when four are hired. The farmer's product sells for $3 per unit and the wage rate is $13 per worker. How many workers should the farmer hire?
3. In which of the following U.S. industries is the rate of unionization the highest?
4.Suppose the MRP of a firm's twelfth worker is $22 and the worker's marginal wage cost is $16. We can say with certainty that the firm:
a. 1 worker. b. 2 workers. c. 3 workers. d. 4 workers.Explanation / Answer
1. C: 3 workers
2. C:3
3. B: Government
4. d
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