Multiple Choice
-The table above gives information about the labor market in Lantis, a community in which the labor market is perfectly competitive. If the price of the good increases and increases the value of marginal product of labor by $10 an hour, the equilibrium wage rate ________ an hour and the quantity of labor employed ________.
A) rises to $10; increases to 600
B) stays at $15; decreases to 300 hours
C) rises to $20; increases to 500 hours
D) None of the above answers is correct.
Correct Answer:
Verified
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