Answer the question on the basis of the following information: Harry owns a barber shop and charges $6 per haircut. By hiring one barber at $10 per hour, the shop can provide 24 haircuts per eight-hour day. By hiring a second barber at the same wage
rate, the shop can now provide a total of 42 haircuts per day. Refer to the given information. The MRP of the second barber is:
A. 18 haircuts.
B. $108.
C. 42 haircuts.
D. $126.
Answer: B
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Demand for a product is given by Q = 100 - P and supply is given by Q = P - 10. If the quantity demanded rises by 10 units at every possible price, then the equilibrium price will
a. increase by $5 b. increase by $10 c. decrease by $5 d. increase by $7.50
Refer to Figure 4.7. You will receive a payoff of 0 points if you ask for points and so do ________ of your classmates
A) 0 B) 6 C) 12 D) none of the above
Risk averse individuals will fully insure to avoid risk. ?
Answer the following statement true (T) or false (F)
If recessions are in large part the consequence of coordination failures,
A) government must direct or control private spending to reduce instability. B) stability cannot be achieved without the use of discretionary fiscal policy. C) stability cannot be achieved without the use of discretionary monetary policy. D) the economy is unlikely to respond smoothly and predictably to shifts in government policy.