Refer to the table shown. A firm would be least likely to hire:Number of workersMarginal product of workers1527384105116775839010?1
A. 8 workers.
B. 7 workers.
C. 9 workers.
D. 6 workers.
Answer: C
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Which of the following statements about the price elasticity of demand is correct?
A) The elasticity of demand for a good in general is equal to the elasticity of demand for a specific brand of the good. B) Demand is more elastic in the long run than it is in the short run. C) The absolute value of the elasticity of demand ranges from zero to one. D) Demand is more elastic the smaller the percentage of the consumer's budget the item takes up.
Large firms are able to lower their costs by taking advantage of ___________________.
Fill in the blank(s) with the appropriate word(s).
If a goldsmith starts out the day with 100 gold coins in his safe and 100 receipts in circulation and he wrote out 100 receipts that day as loans, how much would his reserve ratio be at the end of the day?
Fill in the blank(s) with the appropriate word(s).
The "big tradeoff" refers to the point that governmental redistribution of income causes
A) less efficiency because it weakens incentives to work. B) less efficiency because it strengthens incentives to work. C) more efficiency because it weakens incentives to work. D) more efficiency because it strengthens incentives to work.