A monopsonist will hire labor up to the point where
a. the marginal expense of labor is minimized.
b. the marginal physical productivity of labor is maximized.
c. the marginal expense of labor is equal to marginal revenue.
d. the marginal expense of labor is equal to the marginal value product of labor.
d
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A competitive firm will shut down its operations in the short run when the market price falls below its
a. marginal revenue. b. marginal cost. c. average cost. d. average variable cost.
Tina withdraws $20,000 from her money market account to start up her own house cleaning business. Over that time, the account would have earned 3 percent interest. In order to properly account for all costs of her business, Tina must not forget:
A. the opportunity cost of $2,600. B. the fixed cost of $20,600 and the opportunity cost of $600. C. the fixed cost of $20,600. D. the opportunity cost of $600.
The way in which most persons pay their personal income tax is in the form of
a. quarterly payments throughout the year. b. annual payment by April 15. c. monthly payments as part of mortgage payments. d. payroll withholding during the year.
Fiscal restraint is
A. Tax cuts or spending increases meant to reduce aggregate demand. B. Changes in taxes and spending intended to increase aggregate supply. C. Tax hikes and/or spending cuts intended to reduce aggregate demand. D. Not possible because Congress continues to spend too much money.