Refer to the above table. How many workers will this firm hire if the weekly wage rate is $900?
A) 26
B) 27
C) 28
D) 29
C
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The paradox of American farming is
A) food has become cheaper and more abundant as the number of farms has decreased. B) the demand for imported luxury food products has risen as the demand for domestic food products has fallen. C) the demand for food has risen as the number of people who pursue farming as a career has fallen. D) the amount of food produced has increased as the average farm size has fallen.
If people are given one of two items of the same value and are given the choice to exchange it:
A. everyone will keep the first item since it was free. B. most will keep the original item since people tend to value what they have more than a product that they do not. C. about 50 percent will make the change since half prefer the item they have and half prefer the item they do not have. D. everyone will trade since people like to trade.
The market supply curve of labor for an occupation is positively sloped in part because an increase in the wage rate will encourage more people to work in that occupation.
Answer the following statement true (T) or false (F)
To sell more units, a monopolist must
A) merely produce more units. B) advertise more. C) raise product quality. D) lower price.