According to the above table, if the marginal revenue product is $24, how many workers will the profit maximizing monopsonist hire?
A) 4
B) 5
C) 6
D) 7
A
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When demand is unit elastic, a change in price causes total revenue to stay the same because
A) the change in profit is offset by the change in production cost. B) buyers are buying the same quantity. C) total revenue never changes with price changes. D) the percentage change in quantity demanded exactly offsets the percentage change in price.
A quota is a:
a. tax on a specific quantity of imported goods. b. limited number of foreign firms that can sell imported goods. c. restrictive health and safety standard that raises costs. d. tax on domestic producers so that they can make higher profits. e. limit on the quantity of a good that can be imported.
Actual experiments show that negative income taxes destroy work incentives
a. True b. False Indicate whether the statement is true or false
between the trough and the peak of the business cycle the economy
What will be an ideal response?