Below is a graphical illustration of Nearly Done Inc.'s marginal revenue product.The firm employs its labour in a perfectly competitive labour market.

-What is the term for the wage rate expressed as a dollar and cents figure?
A)The nominal wage.
B)The minimum wage.
C)The real wage.
D)The normal wage.

Question

Below is a graphical illustration of Nearly Done Inc.'s marginal revenue product.The firm employs its labour in a perfectly competitive labour market.
 
-What is the term for the wage rate expressed as a dollar and cents figure?
A)The nominal wage. 
B)The minimum wage. 
C)The real wage. 
D)The normal wage.

Quizplus · Accepted Answer

The Answer is A

Below Is a Graphical Illustration of Nearly Done Inc