If the production function is Q = KL and capital is fixed at 1 unit, then the marginal product of labor when L = 25 is:
A. 15.
B. ¼.
C. 1/10.
D. None of the answers are correct.
Answer: D
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If an increase in the government-imposed minimum wage pushes the price (wage) of unskilled labor above market equilibrium, which of the following will most likely occur in the unskilled labor market?
a. An increase in quantity of unskilled labor demanded. b. A decrease in the quantity of unskilled labor supplied. c. A shortage of unskilled labor. d. A surplus of unskilled labor (unemployment).
When two goods are perfect substitutes, the
a. indifference curve is a downward-sloping straight line. b. marginal rate of substitution is constant. c. indifference curve is a vertical straight line. d. Both a and b are correct.
The following table lists the utility that Steve receives from consuming oranges at $0.50 apiece. What is the marginal utility of increasing consumption from two to three oranges?Number of orangesTotal utility001429315420524
A. 5 B. 3 C. 12 D. 6
Which of the following is the best example of what happens when an equilibrium point is reached?
A. A store that sells its televisions for $999 lowers its price to 899 B. All the stores in a city are selling a certain model of television for 899$ C. some customers decide $899 is too high ad buiy a lower-cost television D. The number of tellevision available at $899 is the same as the number of sales