A competitive car wash currently hires 4 workers, who together can wash 80 cars per day. The market price of car washes is $5 per wash, and the price of workers is $60 per day. The car wash should hire a fifth worker if it would increase total production to at least:
A. 92 cars per day.
B. 100 cars per day.
C. 104 cars per day.
D. 110 cars per day.
Answer: A
You might also like to view...
Use the following table to answer the next question and assume that the total fixed cost incurred by the firm is $500.OutputTotal Variable Cost1$400272031,00041,40052,00063,600The total cost associated with the production of 5 units of output is
A. $2,000. B. $2,500. C. $3,000. D. $1,500.
Utility is:
A. useful in comparing the relative satisfaction different consumers get from a particular good. B. useful in predicting when to put an item on sale. C. useful in quantitatively describing a person's preferences for one good over another. D. an interesting concept, but not really useful for anything.
In an increasing cost industry, an unexpected decrease in demand would lead to ____ costs and a ____ price in the long run? a. higher; higher. b. higher; lower
c. lower; lower. d. lower; higher.
Explain why the short-run aggregate supply curve (SRAS) is upward sloping, while the long-run aggregate supply (LRAS) curve is a vertical line