The marginal product of labor for Acme, Inc is 15. The average product of labor is 25, and the price of labor is $10. Assuming that Acme, Inc is a competitor in its output and input markets, the marginal revenue product of labor:
A) is $10.
B) is $150.
C) is $250.
D) is $375.
E) cannot be determined with the information provided.
E
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Refer to Figure 4-4. The figure above represents the market for iced tea. Assume that this is a competitive market. At an output of 30,000 units
A) the marginal benefit of iced tea is greater than the marginal cost; therefore, output is inefficiently low. B) producers should raise the price to $3 in order to sell the quantity demanded of 30,000. C) the marginal cost of iced tea is greater than the marginal benefit; therefore, output is inefficiently high. D) the marginal benefit of iced tea is greater than the marginal cost; therefore, output is inefficiently high.
The owner or owners control the day-to-day activities of which of the following types of business?
A) corporations and partnerships B) sole proprietorships and corporations C) partnerships and sole proprietorships D) only corporations
An agreement among countries to adopt a common currency is called a
A) central bank consolidation. B) currency union. C) monetary compact. D) common banking treaty.
Refer to Figure 7.1. At output level Q1
A) marginal cost is falling. B) average total cost is falling. C) average variable cost is less than average fixed cost. D) marginal cost is less than average total cost. E) all of the above