(Table: Demand for Labor I) The table shows the quantity of labor demanded at different wage rates. Which of the following statements is TRUE?
I. When the market wage is $25 and the firm hires 7 workers, the benefit of hiring the seventh worker is greater than the costs of hiring the seventh worker.
II. When the market wage is $25 and the firm hires 4 workers, the benefit of hiring the fourth worker is less than the costs of hiring the fourth worker.
III. When the market wage is $25 and the firm hires 5 workers, the benefit of hiring the fifth worker on the margin equals the costs on the margin of hiring the fifth worker.
A) I
B) I and II
C) III
D) I and III

Question

(Table: Demand for Labor I) The table shows the quantity of labor demanded at different wage rates.  Which of the following statements is TRUE?
I. When the market wage is $25 and the firm hires 7 workers, the benefit of hiring the seventh worker is greater than the costs of hiring the seventh worker.
II. When the market wage is $25 and the firm hires 4 workers, the benefit of hiring the fourth worker is less than the costs of hiring the fourth worker.
III. When the market wage is $25 and the firm hires 5 workers, the benefit of hiring the fifth worker on the margin equals the costs on the margin of hiring the fifth worker.
A) I 
B) I and II 
C) III 
D) I and III

Quizplus · Accepted Answer

The Answer of (Table: Demand for Labor I) The table shows the quantity of labor demanded at different wage rates.  Which of the following statements is TRUE?
I. When the market wage is $25 and the firm hires 7 workers, the benefit of hiring the seventh worker is greater than the costs of hiring the seventh worker.
II. When the market wage is $25 and the firm hires 4 workers, the benefit of hiring the fourth worker is less than the costs of hiring the fourth worker.
III. When the market wage is $25 and the firm hires 5 workers, the benefit of hiring the fifth worker on the margin equals the costs on the margin of hiring the fifth worker.
A) I 
B) I and II 
C) III 
D) I and III

(Table: Demand for Labor I) the Table Shows the Quantity