Answer the next question(s) based on the following information for Manfred's Shoe Shine Parlor.Units of LaborTotal ProductMarginal ProductTotal Revenue00 11414$422 10 330 90435 539 1176 1267442132Assume Manfred hires labor, its only variable input, under purely competitive conditions. Shoe shines are also sold competitively. What is the marginal product of the sixth worker?
A. 2 units
B. 3 units
C. 4 units
D. 5 units
Answer: B
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Comparing Tobin's model of the speculative demand for money with Keynesian speculative demand
A) both models imply that individuals hold only money or only bonds. B) the Keynesian model implies individuals diversify their asset holdings, while the Tobin model predicts that individuals hold only money or only bonds. C) the Tobin model implies individuals diversify their asset holdings, while the Keynesian model predicts that individuals hold only money or only bonds. D) both models imply that individuals diversify their asset holdings.
Demand is elastic if the price elasticity of demand is
a. less than 1. b. equal to 1. c. equal to 0. d. greater than 1.
The income elasticity of demand for an inferior good could be
A. negative. B. zero. C. positive. D. any one of these depending on the other factors involved.
Which of the following was the result on appeal in Webster v. Blue Ship Tea Room, Inc., the case in the textbook in which the plaintiff sued after getting a bone caught in her throat while eating New England seafood chowder?
a. The plaintiff could recover based on an express warranty. b. The plaintiff could not recover, because she waited too long to sue and because she was not the immediate purchaser of the fish. b. The plaintiff could recover based upon the implied warranty of merchantability. c. The plaintiff could not recover, because she should have anticipated that fish bones might remain in New England seafood chowder. d. The plaintiff could recover based upon the implied warranty of fitness for a particular purpose.