Which of the following statements is TRUE?
A. APC + MPS = MPC + APS
B. MPC + APS < 1
C. APC + MPS = 1
D. APC + APS = 1
Answer: D
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Suppose two workers can harvest $46 and three workers can harvest $60 worth of apples per day. On the basis of this information we can say that the
A. marginal revenue product of the third worker is $14. B. marginal product of each of the first two workers is 23. C. marginal revenue product of each of the first two workers is $23. D. third worker should not be hired.
Barry Bonds and Jennifer Lopez have which of the following in common?
A) Neither of them faces the problem of scarcity. B) Each of them acts solely in the public interest. C) Each of them chooses to advance some projects over others. D) None of the above.
If the demand and supply curves are described by the following equations P = a - bQ and P = c + dQ, respectively, the equilibrium price is P* = (ad + bc) / (b + d)
Indicate whether the statement is true or false
A characteristic of a competitive labor market is
A. an equilibrium wage and quantity supplied. B. an overall reduction in employment due to firms having market power. C. high levels of unemployment. D. labor supply changing as the wage changes.