Table 17.1Refer to Table 17.1. Suppose that this year the wage rate is $30 and the price of the good is $1. If the firm is maximizing profit, ________ workers will be hired. Next year the wage rate will increase to $40, but the price of the good will remain at $1. Then ________ workers will be hired.
A. 6; 5
B. 6; 6
C. 7; 6
D. 5; 5
Answer: A
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A country’s trade surplus is the excess of its exports over its imports.
Answer the following statement true (T) or false (F)
Answer the following statements true (T) or false (F)
1. In the U.S. in 2010, the top 1% of households held 35% of total wealth - leaving 65% of wealth to the remaining 99% of households. 2. Differences in skills or ability are one major reason for income differences in the United States. 3. The unequal distribution of wealth among households in the United States is one of the causes of income inequality. 4. During the past thirty-five years or so, the degree of income inequality in the United States has decreased considerably. 5. If income inequality is increasing, it means that the income levels of the poor are falling while the income levels of the rich are rising.
When a nation's currency depreciates, the country might
A) have an inflation rate that exceeds the inflation rate in nations with which it trades. B) have an inflation rate below the inflation rate in nations with which it trades. C) be responding to an increase in the demand for its currency. D) be responding to a decrease in the domestic demand for foreign currencies.
If it costs $6.00 to go to the movies and $25.00 to go to a hockey game, Tom is maximizing his utility between movies and hockey if his marginal utility of movies is 12 units and his marginal utility from hockey is 25
Indicate whether the statement is true or false