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multiple choice Suppose that the Home country uses labor as the only factor in production, and that the production function can be written as: O

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Suppose that the Home country uses labor as the only factor in production, and that the production function can be written as: O = 3 X L' where L denotes the units of labor and Q the units of output. Assume also that each unit of output can be sold at a unitary price equal to p = 2 ' Both putout and factor markets are perfectly competitive. What is the equilibrium wage in this economy,7 w=3 w=6 w=2/3 w=3/2

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