Refer to the given data. What is the marginal product of the sixth worker?
Answer the question on the basis of the following information for Manfred's Shoe Shine Parlor. Assume Manfred hires labor, its only variable input, under purely competitive conditions. Shoe shines are also sold competitively.
A. 2 units.
B. 3 units.
C. 4 units.
D. 5 units.
B. 3 units.
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Even though airfares have been increasing, the revenue earned by airlines has declined. Based on this statement, what may be concluded about price, cross-price, or income elasticity of demand?
What will be an ideal response?
Long-run equilibrium under monopolistic competition and perfect competition is similar in that
A) price equals marginal revenue. B) price equals marginal cost. C) firms produce at the minimum point of their average cost curves. D) firms break even.
The president has influence on Federal Reserve policy because
a. he can veto any Fed policy. b. he appoints the board members and the chair. c. he can fire the chair. d. he can replace board members at any time.
In theory, the long-run supply curve for perfectly competitive market firms who are identical is:
A. downward sloping. B. perfectly elastic. C. upward sloping. D. perfectly inelastic.