The marginal cost of labor for a perfectly competitive firm is given by:
A. the marginal product of labor.
B. the market wage rate.
C. its marginal revenue product curve.
D. the demand curve for labor.
Answer: B
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Suppose that an individual consumes just two goods: Big Macs and milkshakes. In order to reach consumer equilibrium, the individual must arrange the consumption of Big Macs and milkshakes so that the:
a. marginal utility of the two goods is equal for the last dollar spent on each good. b. ratio of marginal utility to price is the same for both goods for the last dollar spent on each good. c. ratio of marginal utility of milkshakes to the marginal utility of Big Macs is 1 for the last dollar spent on each good. d. price paid for the two goods is the same.
A unique characteristic of oligopolies is their
a. differentiated products b. profit-maximizing behavior c. advertising campaigns d. ability to overcome barriers to entry e. mutual interdependence
The poverty rate for female households with no spouse present is approximately
a. 10 percent. b. 20 percent. c. 30 percent. d. 40 percent.
Given the table below, what is average total cost when 200 units of output are produced? 
A. $4.00 B. $2.30 C. $2.50 D. $4.80 E. none of the above