Suppose a firm is hiring 20 workers at a wage rate of $60. The average product of labor is 30, the last worker added 12 units of output, and total fixed cost is $3,600. What is marginal cost?
A. $240
B. $.20
C. $5
D. $720
E. none of the above
Answer: C
You might also like to view...
A relatively steep aggregate demand curve indicates that
A) velocity is relatively constant. B) the economy is near full employment. C) inflation is relatively high. D) spending is insensitive to changes in the price level.
When an economy is operating efficiently, the production of more of one good will result in the production of less of some other good because
What will be an ideal response?
Which of the following is included in the M1 definition of money?
A. Reserves B. Checking accounts C. Savings and money market accounts D. Time deposits
According to the idea of neutrality of money, hyperinflation in an economy should not adversely affect the health of that economy.
a. true b. false