Krugman's Economics For The Ap® Course
3rd Edition
ISBN: 9781319113278
Author: David Anderson, Margaret Ray
Publisher: Worth Publishers
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Question
Chapter 71, Problem 6MCQ
To determine
The correct option for a firm in a
Expert Solution & Answer
Answer to Problem 6MCQ
From the available options, the correct option is the labor supply curve is horizontal.
Explanation of Solution
The firms cannot hire workers to increase or decrease the marketing wage rate because they cannot influence the market wage and due to this, they do not face any competition from other firms. And, the labor supply curve in a perfectly competitive market is horizontal because firms in this market cannot negotiate wages and they don’t affect the market price. Therefore, the labor
Here, the correct option is a.
Economics Concept Introduction
Introduction: In a perfectly competitive labor market, there are a number of buyers and sellers who do not impact the market wage rate.
Chapter 71 Solutions
Krugman's Economics For The Ap® Course
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