A profit-maximizing firm will hire additional units of labor until
A) the additional cost of hiring the last worker equals the additional revenue generated by that worker.
B) the additional cost of hiring the last worker equals the marginal factor cost of the worker.
C) the extra revenue from hiring the last worker equals the marginal physical product of labor.
D) the extra cost from hiring the last worker equals the cost of the product.
A
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Which of the following is true of fiat money?
A) Fiat money is illegal and difficult to counterfeit. B) The raw materials required for the production of fiat money are available only in a few countries. C) Fiat money is not backed by a physical commodity. D) The technology required to produce fiat money is not widely available.
Net public debt is the
A) difference between tax revenues and government expenditures each year. B) sum of accumulated government deficits and surpluses held by individuals and businesses and foreign institutions. C) sum of accumulated government deficits and surpluses held by U.S. government agencies. D) sum of accumulated government deficits and surpluses held by large money center banks.
Homeowners can deduct interest payments on their mortgages from their federal income tax. If this deduction were removed, how would the housing market be affected?
The graph for a monopolist’s profits shows that at output QM (100) and price PM ($6) the firm’s total revenue is ______.
a. $100
b. $400
c. $600
d. $800