(Supposed to be a chart) Suppose a single firm has the marginal revenue product schedule for a particular type of labor given in the left table. Assume there are 150 firms with the same marginal-revenue-product schedules for this particular type of labor. What will be the equilibrium wage rate?
a.) $7
b.) $8
c.) $9
d.) $10

Question

10-12-2022
Business

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(Supposed to be a chart) Suppose a single firm has the marginal revenue product schedule for a particular type of labor given in the left table. Assume there are 150 firms with the same marginal-revenue-product schedules for this particular type of labor. What will be the equilibrium wage rate?
a.) $7
b.) $8
c.) $9
d.) $10

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qwterabite qwterabite · Answer 1 · 2022-12-20T11:17:08+01:00

The equilibrium wage rate will be d.) $10

The equilibrium wage rate is determined by the point at which the marginal revenue product (MRP) of labor is equal to the market price of labor. Since each of the 150 firms have the same marginal-revenue-product schedule, the equilibrium wage rate must be the same. The MRP schedule indicates that the equilibrium wage rate is $10, so the answer is d) $10. At this wage rate, firms will be willing to hire until the MRP is equal to the wage rate. This equilibrium wage rate will remain the same until the market price of labor changes.

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