12th Grade Agriculture Quizzes, Questions & Answers
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Econ.
Questions: 20 | Attempts: 1304 | Last updated: Aug 29, 2023
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Sample QuestionSuppose that the wage is $20 per hour in a two-sector (manufacturing and agriculture) specific-factors model. Currently, the prices of manufactured and agricultural outputs are $5 and $1, respectively; the marginal product of labor in the manufactured sector is 6 units per hour; and the marginal product of labor in the agricultural sector is 10 units per hour. What will happen to the distribution of labor between the two sectors?
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