The marginal physical product of labor in Figure 21.1 is negative for the
A. Fourth worker.
B. Fifth worker.
C. Third worker.
D. Sixth worker.
Answer: D
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The New York Stock Exchange is an example of a:
A. bank. B. financial institution. C. financial instrument. D. financial market.
Refer to the above table. If the price of the product is $1.50, and the marginal factor cost of an additional unit of an input is $135, how many units of labor should be hired?
A. 12 B. 13 C. 11 D. 14
Select the letter of the diagram in Figure 28.1 that best represents the effect of each event on the United States wheat market, ceteris paribus: Relaxed immigration laws lead to lower labor costs. (See Figure 29.4.)
A. a. B. b. C. c. D. d.
If revenue in the short run is sufficient to offset variable costs but not all fixed costs, what should the firm do?
What will be an ideal response?