Refer to the above table. What does the marginal revenue product equal when 28 workers are hired a week?
A. $1040
B. $7.50
C. $210
D. $900
Answer: D
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Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
Would you expect the cross-price elasticity of demand between ham and turkey to be positive or negative? Why?
What will be an ideal response?
The implicit cost of ownership:
A. is a cognitive bias if it goes ignored. B. leads people to value things more once they possess them. C. is a nonmonetary opportunity cost that is often overlooked. D. All of these are true.
Refer to the above graphs. Which of the above pairs of budget constraint lines illustrates a decrease in the price of good X and an increase in the price of good Y?
A. Graph A B. Graph B C. Graph C D. Graph D