Joe runs a business and needs to decide how many hours to stay open. Figure 2.2 illustrates his marginal benefit of staying open for each additional hour. Suppose that we observe Joe staying open 3 hours per day
If he is following the marginal principle, what must his marginal cost per hour be?
A) $24 B) $32 C) $40 D) $48
D
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The first federal antitrust law enacted in the United States was:
a. The Clayton Act b. Thr Sherman Antitrust Act c. The Robinson Patman Act d. The Federal Trade Commission Act e. The Herfindahl-Hirschman Act
Which of the following is not a macroeconomic statement?
A. Jenny's wage rate rose, and in response, she decided to work more hours. B. The Federal Reserve lowered interest rates at its last meeting. C. Congress increased the minimum wage rate in January. D. The unemployment rate for the United States rose to 5 percent in the last quarter.
"A firm should shut down immediately when it earns zero economic profits." Do you agree or disagree? Explain your answer
What will be an ideal response?
The two groups that benefit the most from quotas are
A) the importers who have the right to import the restricted good and the domestic producers of the restricted good. B) the domestic consumers of the restricted good and the domestic producers of the restricted good. C) the domestic consumers of the restricted good and the foreign producers of the restricted good. D) the importers who have the right to import the restricted good and the domestic consumers of the restricted good.