Refer to Figure 13-11. What is the allocatively efficient output for the firm represented in the diagram?
A) Q1 units B) Q2 units C) Q3 units D) Q4 units
C
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In the above figure, Mark's monthly budget line for movies and plays changed, as shown by the arrow. The change was caused by
A) a decrease in Mark's income. B) an increase in Mark's income. C) a fall in the price of a play. D) a rise in the price of a play.
Refer to Table 4-7. Suppose that the quantity of labor supplied decreases by 80,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?
A) W = $8.50; Q = 550,000 B) W = $11.50; Q = 610,000 C) W = $12.50; Q = 550,000 D) W = $8.50; Q = 630,000
The American Economic Association limiting its presidential vote to only one candidate is an example of agenda control
a. True b. False
The above table depicts output from a firm that manufactures computers. The computers sell for $1,000 each. What is the marginal revenue product (MRP) for the fourteenth worker per week?
A) 90 units B) 80 units C) $70,000 D) $60,000