MGEB06H3 Chapter Notes - Chapter 6: Efficiency Wage, Frictional Unemployment

15. Given the demand curve described in question 14, suppose that we are now in the long run. The number of firms in the industry, rounding to the nearest integer, is: 26-44-010020 A) 400 B) 500 C) 600 D) 700 E) 800 F ) 900 a 9000 G) 1000 H) 1250 (1) 500 J) none of the above N= 9000. 1500

14. If the price of X is set at $24.00 per unit, the consumer surplus gained by this consumer each month through purchasing X will be: A) $0 B) $22 C) $28 D) $42 E) $49 F) $52 G) $56 H) $72 1) $90 J) $98 K) $100 L) $121 M) $144 N) $168 0) $196 P) $200 Q) $222 R) $242 S) $260 T) $267 U) $300 V) $338 W) none of the above

AI 16. If the price of X is set at $0.10 per unit, the quantity of the good purchased by this consumer each month will be: B) 2 C)3 D) 4 E) 6 F) 8 G) 10 H) 12 I) 16.5 J) 23.5 K) 63 L) 64 M) 128 N) 129 0) 150 P) 156 Q) 157.5 R) 159.5 S) 160 T) 255 U) 256 V) 256.5 W) 257.5 X) 260 Y)0 Z) none of the above