Business, 22.05.2020 19:02 smilebehappy468

Under perfect competition, the equilibrium price of labor used to produce cloth will be equal to:.A) the average product of labor in the production of cloth times the price of cloth. B) the slope of the production possibility frontier. C) the price of cloth divided by the marginal product of labor in the production of cloth. D) the marginal product of labor in the production of cloth times the price of cloth.
E) the ratio of the marginal product of labor in the production of cloth to the marginal product of labor in the production of food times the ratio of the price of cloth to the price of food.

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Answer from: sihamabdalla591

A) the average product of labor in the production of cloth times the price of cloth.

Explanation:

Under perfect competition, the equilibrium price of labor used to produce cloth will be equal to the average product of labor in the production of cloth times the price of cloth. This simply means that, in a perfectly competitive market, the amount of labor used to produce goods is equal to the price of the goods multiplied by the marginal product of labor used in producing those goods.

In a profit driven firm, labor are employed up to the extent where the market wage is the same as the demand for labor in a firm.

Hence, to determine a market wage in a competitive labor market, the interaction between the market demand for labor and market supply is employed by firms.

Answer from: Quest

answer: tell me how

explanation:

Answer from: Quest

1 all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

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