In the above table, if the marginal factor cost is $20, how many workers would be hired?
A) 3
B) 4
C) 5
D) 6
D
Economics
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Income effects are negative for normal goods, and positive for inferior goods.
Answer the following statement true (T) or false (F)
Economics
When the percentage change in quantity supplied is greater than the percentage change in price, supply is said to be elastic
Indicate whether the statement is true or false
Economics
In a small country, there are 5,000 people in the labor force and 3,000 people are employed. The labor force participation rate equals
A) 40 percent. B) 60 percent. C) 62.5 percent. D) an undetermined amount given the lack of information.
Economics
Private costs are:
a. the full resource costs of an economic activity. b. always less than social costs. c. the costs of an economic activity borne by the producer. d. all of these.
Economics