Refer to the data. The marginal product of the sixth worker is:
Answer the question on the basis of the following output data for a firm. Assume that the amounts of all nonlabor resources are fixed.
A. 180 units of output.
B. 30 units of output.
C. 15 units of output.
D. negative.
C. 15 units of output.
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In the figure above, with international trade American consumers buy ________ million shirts per year
A) 48 B) 32 C) 16 D) 24
For this question, use the Keynesian IS—LM model with flexible exchange rates. Eastland's main trading partner is Westland. Suppose Westland undertakes an expansionary monetary policy
(a) What is the effect of Westland's expansionary monetary policy on Eastland's real exchange rate in the short run, assuming no change in Eastland's policies? (b) What is the effect of Westland's expansionary monetary policy on Eastland's real exchange rate in the long run, assuming no change in Eastland's policies? (c) What is the effect of Westland's expansionary monetary policy on Eastland's nominal exchange rate in the short run and in the long run?
In the short run, a monopolistic competitor
A) produces at minimum efficient scale. B) produces where P = AC. C) sets P = MC. D) sets MR = MC.
If the economy is in long-run equilibrium, the actual unemployment rate is less than the natural unemployment rate
Indicate whether the statement is true or false