Based on the above table, what is the marginal product of the 6th worker hired at Jefferson's Cleaners?
A) 10 suits per day
B) 11 suits per day
C) 14 suits per day
D) 84 suits per day
B
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Economic theory assumes people's actions generally follow
A) from comparisons of expected costs and benefits. B) no predictable pattern. C) considerations of material self-interest. D) the Golden Rule.
For long-run equilibrium in perfect competition, the equilibrium output occurs at the lowest point on the ATC curve. Why does this happen?
a. Firms use the inputs that minimize the average total cost. b. Firms use the inputs that maximize the average total cost. c. Firms produce the output that minimizes the average total cost. d. Firms produce the output that maximizes the average total cost.
The economizing problem for society is:
a. That product prices rise more rapidly than incomes of consumers b. To establish prices which are fair for both producers and consumers c. To achieve a more equitable distribution of income in society d. That productive resources are scarce relative to economic wants
Refer to Scenario 7.7 below to answer the question(s) that follow. SCENARIO 7.7: A lawn service company has the following production possibilities. With one, two, three, and four workers, the company can mow 4, 9, 12, and 14 lawns per day, respectively. Refer to Scenario 7.7. Diminishing returns to labor set in with the ________ worker.
A. first B. second C. third D. fourth