If a firm is hiring a certain type of labor under purely competitive conditions: a. the labor supply and marginal labor (resource) cost curves will coincide and be upsloping.
b. the labor supply and marginal labor (resource) cost curves will coincide and be perfectly elastic.
c. its labor demand curve will be perfectly elastic at the market-determined wage rate.
d. the labor supply curve will lie above the marginal labor cost curve.

Based on the supply and demand theory, why do medical doctors earn higher wages than child-care workers?

Solomon chemical company makes three products, b7, k6, and x9, which are joint products from the same materials. in a standard batch of 320,000 pounds of raw materials, the company generates 70,000 pounds of b7, 150,000 pounds of k6, and 100,000 pounds of x9. a standard batch costs $3,840,000 to produce. the sales prices per pound are $10, $14, and $20 for b7, k6, and x9, respectively. (a) allocate the joint product cost among the three final products using weight as the allocation base. (b) allocate the joint product cost among the three final products using market value as the allocation base. (c) allocate the joint product cost among the three final products using weight as the allocation base.

Assume the total cost of a college education will be $250,000 when your child enters college in 17 years. you presently have $69,000 to invest. what annual rate of interest must you earn on your investment to cover the cost of your child’s college education? (do not round intermediate calculations. enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)