Use the following to answer questions 30-34:
Figure 13.4
-(Figure 13.4) The price taker will offer a wage of:
A) $100.
B) $50.
C) $40.
D) $60.

Question

Use the following to answer questions 30-34:
Figure 13.4 
-(Figure 13.4) The price taker will offer a wage of:
A) $100. 
B) $50. 
C) $40. 
D) $60.

Quizplus · Accepted Answer

According to the figure, the equilibrium wage in a perfectly competitive labor market is $60. As the price taker cannot affect the wage rate, they will offer a wage of $60 in order to attract workers. Therefore, the best choice is D.

Use the Following to Answer Questions 30-34