Using the data in the above table, if the firm employs 5 workers, total product (measured in units per day) and average product and marginal product of the fifth worker (measured in units per worker) are
A) 23, 5.00, and 4 respectively.
B) 23, 5.75, and 4 respectively.
C) 25, 5.00, and 2 respectively.
D) 25, 5.75, and 4 respectively.
C
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For a firm in a perfectly competitive labor market, the supply curve of labor is
A) elastic. B) inelastic. C) perfectly elastic. D) perfectly inelastic.
If all of a monopolist's costs are fixed costs, it will produce where demand is unit elastic
a. True b. False
The idea that aggregate price levels do not affect real outcomes in the economy is called the:
A. neutrality of money. B. aggregate price theory. C. neutrality of prices. D. real output theory.
If the quantity demanded of a good is 100 units and the quantity supplied is 50 units, then the equilibrium quantity will be larger than 100 units
Indicate whether the statement is true or false