At the Punjab Bakery, two workers can decorate 14 cakes in an hour and three workers can decorate 18 cakes in an hour. The marginal product of the third worker is
A) 18 cakes, and the average product for three workers is 6 cakes.
B) 9 cakes and is equal to the average product.
C) 4 cakes, and the average product for three workers is 6 cakes.
D) 32 cakes, and the average product for three workers is 9 cakes.
E) 6 cakes, and the average product for three workers is also 6 cakes.
C
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Based on current budget projections, in the U.S. over the next 20 years the
a. structural deficit rises will fall sharply as tax revenues rise. b. cyclical deficit will fall as the economy expands. c. structural deficit will rise sharply as a higher proportion of the population retires. d. structural deficit will fall sharply as more people enter the workforce. e. none of the above.
A profit-maximizing monopolistically competitive firm will expand output to the point where:
a. total revenue equals total cost. b. marginal revenue equals marginal cost. c. price equals average total cost. d. price equals marginal cost.
A network externality is:
A. a direct effect on an economic decision maker. B. an uncompensated effect on someone other than the person who caused it. C. an indirect effect on an economic decision maker. D. the effect that an additional user of a good or participant in an activity has on the value of that good or activity for others.
Elasticity of Supply
What will be an ideal response?