Refer to Figure 17-2. If Becca can sell her bracelets at $3 each, what is the marginal product of the 4th worker?
A) 36 bracelets B) $36 C) $144 D) 12 bracelets
D
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The above figure shows a housing market with a rent ceiling equal to $1,000. In this figure, what area is equal to the resources lost due to search?
A) area A B) area B C) area C D) area D E) area E
The reduction in consumer and producer surplus that results from underproduction is called
A) an internal cost. B) a deadweight loss. C) a quantity loss. D) None of the above answers is correct.
On what economic principle is the concept of utilitarian justice developed? Explain
What will be an ideal response?
A firm's demand for labor is known as a "derived demand" because:
a. the firm gains utility from hiring more labor. b. the amount of labor hired depends upon how much output the firm can sell. c. the wage rate paid to workers is derived from the market for labor. d. it's derived from the demand for capital.