A profit-maximizing firm will hire workers up to the point at which
A) MRP < MFC.
B) MRP = MFC.
C) MRP > MFC.
D) MRP = MPP.
Answer: B
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Which of the following statements is true?
A) Job search refers to the activities that workers undertake to find appropriate jobs. B) It is easier to find full-time suitable employment than to find seasonal part-time employment. C) In a competitive market, workers who demand a wage higher than the equilibrium wage rate are likely to get employed faster. D) Job search is normally a month-long process.
Brand names are an example of
A) economies of scale. B) product differentiation. C) oligopoly. D) illegal barriers to entry.
People like consuming peanut butter and jelly together. The price of peanuts increases. At the same time, we see the price for Jelly rise. This would make the price for peanut butter_____________ and the quantity demanded for peanut butter ____________
a. Uncertain; decreases b. Decreases; increases c. Decreases; uncertain d. Increases; uncertain
The inflation rate for the economy as a whole is a
a. normative value judgment b. positive value judgment c. macroeconomic statistic d. microeconomic statistic e. critical assumption