A firm has the following production relationship between labor and output, for a fixed capital stock.
According to the above table, what is the marginal product of the 4th unit of labor?
A. 3
B. 5
C. 6
D. 7
Answer: B
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The United States can use all of its resources to produce 50 computers or 4,000 shoes. Suppose that at world market prices, one computer exchanges for 100 shoes. Explain how the United States can gain from trade
What will be an ideal response?
Unemployment that is caused by a mismatch of the demand for workers with certain skills and the skills of unemployed workers is:
a. frictional unemployment. b. structural unemployment. c. cyclical unemployment. d. mismatch unemployment.
Based on the graph showing equilibrium output and price for a monopolist, if a monopolist is producing at Q2, it should ______.
a. reduce output to 0
b. reduce output to Q1
c. increase output to Q3
d. reduce output to QM
Federal funds, by definition, are the
What will be an ideal response?