Labor Demand Data Labor Supply Data Employment Total Product Product Price Employment Wage Rate 0 0 $ 2.20 0 -- 1 15 2.00 1 $ 1.00 2 28 1.80 2 2.00 3 39 1.60 3 3.00 4 48 1.40 4 4.00 5 55 1.20 5 5.00 6 60 1.00 6 6.00The table shows labor demand data on the left and labor supply data on the right. We can conclude that Group of answer choices
Labor Demand Data Labor Supply Data Employment Total Product Product Price Employment Wage Rate 0 0 $ 2.20 0 -- 1 15 2.00 1 $ 1.00 2 28 1.80 2 2.00 3 39 1.60 3 3.00 4 48 1.40 4 4.00 5 55 1.20 5 5.00 6 60 1.00 6 6.00The table shows labor demand data on the left and labor supply data on the right. We can conclude that Group of answer choices
Chapter11: Labor Markets
Section: Chapter Questions
Problem 3SQP
Related questions
Question
| Labor Demand Data | Labor Supply Data | |||
|---|---|---|---|---|
| Employment | Total Product | Product Price | Employment | Wage Rate |
| 0 | 0 | $ 2.20 | 0 | -- |
| 1 | 15 | 2.00 | 1 | $ 1.00 |
| 2 | 28 | 1.80 | 2 | 2.00 |
| 3 | 39 | 1.60 | 3 | 3.00 |
| 4 | 48 | 1.40 | 4 | 4.00 |
| 5 | 55 | 1.20 | 5 | 5.00 |
| 6 | 60 | 1.00 | 6 | 6.00 |
Group of answer choices
the product market is imperfectly competitive and the labor market is monopsonistic.
the labor market is monopsonistic, but the product market is purely competitive.
both the labor and product markets are purely competitive.
the labor market is purely competitive, but the product market is monopsonistic.
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