The above table shows the short-run production function for Albert's Pretzels. The marginal product of labor equals the average product of labor
A) for all levels of labor.
B) at none of the levels of labor.
C) only for the first worker.
D) only for the fifth worker.
C
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In Figure 5-2, consumer’s surplus is measured by the area
A. ABC. B. OBCD. C. OACD. D. DCE.
Pens are normal goods. What will happen to the equilibrium price of pens if the price of pencils rises, consumers experience an increase in income, writing in ink becomes fashionable, people expect the price of pens to rise in the near future, the population increases, fewer firms manufacture pens, and the wages of pen-makers increase?
a. Price will rise. b. Price will fall. c. Price will stay exactly the same. d. The price change will be ambiguous.
If a market basket was defined in 2014 and it cost $10,000 to purchase the items in that basket in 2014, while it cost $11,000 to purchase those identical goods in 2015, then the base year is
A. 2014. B. 2013. C. 2015. D. none of these.
Refer to the accompanying table below. The marginal cost of the 4th unit of activity is:Units of ActivityTotal CostTotal Benefit0$0$01$2$122$6$223$12$304$20$365$30$406$42$427$56$43
A. $8 B. $10 C. $5 D. $6