A firm's long-run position under perfect competition is often said to be efficient because
A) P = AR > MC = AVC.
B) P = AR > MR = MC.
C) P = MR = AVC = AFC.
D) P = MR = MC = ATC.
Answer: D
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If Jane works for 6 hours she can rent out 9 apartments, and if she works for 7 hours she can rent out 12 apartments. The marginal benefit of Jane's 7th hour of work equals:
A. 1 apartment B. 9 apartments C. 12 apartments D. 3 apartments
In 2011, there were about _____ million union members in the United States
A. 8.4 B. 11.8 C. 14.8 D. 15.7
Natural comparative advantage comes from factor endowments.
Answer the following statement true (T) or false (F)
The table above shows the total product schedule for Rick's Lawn Service, a yard care company. When the ________ worker is hired, the average product of labor ________ the marginal product of labor
A) 4th; exceeds B) 5th; exceeds C) 6th; exceeds D) 7th; is less than E) 7th; equals