List the characteristics of a perfectly competitive market

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1. Tina hires Jeff to do odd jobs around her home and agrees to pay him $5 per hour.
Tina further agrees to guarantee Jeff at least 40 hours of work per week, and to pay him 1.5 times his base pay for any hours worked beyond 40. If Jeff works 45 hours this week, are his wages a fixed cost or a variable cost to Tina? Explain.
2. List the characteristics of a perfectly competitive market.

Reference no: EM13188890

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