Sally's Salon sells haircuts in a perfectly competitive market. As the salon hires additional workers, the marginal revenue product of labor
a. rises whenever the marginal product of labor falls
b. is equal to the market price of haircuts
c. falls whenever the marginal product of labor falls
d. varies only if the market price of haircuts varies
e. remains constant
C
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In the above figure, the slope at point b is
A) 1. B) 5/2. C) between 1 and 5/2. D) greater than 5/2.
Which of the following is a fixed cost to farmer McDonald?
a. gasoline b. fertilizer c. insurance d. seed
The production possibilities frontier (PPF) illustrates the combinations of goods that society can consume when trading with other producers
a. True b. False Indicate whether the statement is true or false
The marketplace allocates resources
a. fairly. b. efficiently. c. to those desiring them least. d. both efficiently and equitably.