Which will NOT affect the elasticity of demand for labor?
A) the labor intensity of the production process
B) the elasticity of supply for labor
C) the elasticity of demand for the good
D) the substitutability of capital for labor
Answer: B
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Consider the following two scenarios:
i) The marginal product of a worker in a firm is 10 units. When an additional worker is employed, his marginal product is less than 10 units. ii) The average total cost of a firm producing 10 units of output is $200. When it produces an additional unit, the average total cost increases to $300. What is the difference between these scenarios? What could be the reason behind both phenomena occurring? Does specialization explain any of the above situations?
A mail-order clothing company offers a discount if customers purchase two shirts instead of only one. This is necessarily an example of quantity discrimination
Indicate whether the statement is true or false
Bob purchases a book for $6, and his consumer surplus is $2 . How much is Bob willing to pay for the book?
a. $6. b. $2. c. $8. d. $4.
As of 2015, the federal budget deficit was about ________ of GDP, and ________ of the deficit came from interest payments on federal debt.
A. 50 percent; almost none B. 50 percent; almost all C. 2.5 percent; almost all D. 2.5 percent; about half