Referring to Table 4.1, Box I should be filled with 
A. $150.
B. $200.
C. $115.
D. $0.
Answer: A
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When hiring additional workers, a firm operating in a perfectly competitive labor market will
A) have to offer higher wages to hire additional workers, but the old workers do not get the higher wage. B) have to offer higher wages to hire additional workers, and the old workers will also receive the new, higher wage. C) be able to hire additional workers without offering higher wages. D) be able to hire additional workers at lower wages because the new workers have been unemployed.
A central government collected taxes totaling $120 billion in the previous year. It's expenditure during the year was roughly the same. This is an example of a
a. balanced budget. b. surplus budget. c. deficit budget. d. zero budget.
If a prospective employee is not offered his/her reservation utility or reservation wage, then he/she will
A. tend to look for another job or withdraw from the labor market. B. seek a larger fringe benefit package. C. accept the job because a wage below the reservation utility is very attractive. D. use the job as the basis for a career, assuming that wages will increase beyond the marginal revenue product over time.
The profit-maximizing firm will be earning total revenue of about
A. $720
B. $556.
C. $400.
D. $650.