Refer to the above table. What is the marginal factor cost when the firm employs the second unit of labor?
A) $19
B) $21
C) $36
D) $38
B) 21
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Over the last 100 years in the United States, unemployment reached its highest rate
A) in the 1920s. B) in the 1930s. C) in the 1980s. D) in the 1970s.
According to Joseph Schumpeter, economic growth is achieved through
A) a process termed "creative destruction." B) removing the entrepreneur from the production function. C) centralizing economic production. D) focusing only on making old products better rather than inventing new ones.
Diminishing marginal product of labor occurs when adding another unit of labor
A) increases output by an amount larger than the output added by the previous unit of labor. B) decreases output by an amount smaller than the output added by the previous unit of labor. C) changes output by an amount smaller than the output added by the previous unit of labor. D) decreases output.
Research by Reinhart and Rogoff indicate that most of the increase in national debt as a result of a financial crisis is due to
A) government bail outs of financial institutions. B) increase spending on social welfare programs. C) government stimulus programs. D) sharp declines in tax revenues.