Suppose two workers can harvest $46 and three workers can harvest $60 worth of apples per day. On the basis of this information we can say that the:
A. Marginal product of each of the first two workers is 23
B. Marginal revenue product of each of the first two workers is $23
C. Marginal revenue product of the third worker is $14
D. Third worker should not be hired
C. Marginal revenue product of the third worker is $14
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Introduction of checks into the payments system reduced the costs of exchanging goods and services. Another advantage of checks is that
A) they provide convenient receipts for purchases. B) they can never be stolen. C) they are more widely accepted than currency. D) the funds from a deposited check are available for use immediately.
Economists view shifts of supply and demand as
a. unusual events that call for government intervention b. unusual events resulting from the failure of the price to fall c. normal and frequent events d. normal and frequents events that do not affect equilibrium prices e. normal and frequent events that result from government intervention
If the demand curve facing a firm shifts outward, then
a. there is a decline in the maximum price the firm can charge at each quantity it may want to sell b. there is an increase in the maximum price the firm can charge at each quantity it may want to sell c. the firm would need to increase the quantity it wants to sell in order to generate a rise in the price d. the firm would need to decrease the quantity it wants to sell in order to generate a rise in the price e. there is a decrease in the maximum quantity the firm can sell at each price it may want to charge
The price paid by buyers in a market will increase if the government (i) increases a binding price floor in that market. (ii) increases a binding price ceiling in that market. (iii) decreases a tax on the good sold in that market
a. (ii) only b. (iii) only c. (i) and (ii) only d. (i), (ii), and (iii)