At Phil's Pretzel Stand, we found the following:4 laborers produced 66 pretzels5 laborers produced 76 pretzels6 laborers produced 85 pretzels7 laborers produced 88 pretzelsWhat was the marginal physical product of the seventh laborer?
A. 9 pretzels
B. 3 pretzels
C. 10 pretzels
D. none of these due to insufficient information
Answer: B
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The marginal revenue product of labor declines as the number of workers increases because
A) firms hire the most efficient workers first and the least efficient workers last. B) firms must lower prices for the final product when they want to sell more units. C) of the law of diminishing marginal product. D) of diseconomies of scale.
Publicly available data on production costs and box office revenues reflect that:
a. R-rated movies on an average collect higher revenues than G-rated movies. b. revenue collected by PG-rated movies donot cover the production and distribution costs. c. G-rates movies help investors to make artistic or polictical statements. d. family-rated movies are on average profitable.
In a perfectly competitive market, a given short-run equilibrium cannot persist into the long run unless the firms are earning (suffering)
a. above-normal profits b. below-normal profits c. economic losses d. economic profits e. just enough profit to cover all the owners' opportunity costs
The Bureau of :Labor Statistics has been compiling an experimental CPI for the elderly, called CPI-E
a. True b. False