If the price of prime rib falls, the income effect due to the price change will cause
A) an increase in the quantity of prime rib supplied.
B) an increase in the demand for prime rib.
C) an increase in the demand for flank steak, a substitute for prime rib.
D) an increase in the quantity of prime rib demanded.
D
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When 5 units of labor are employed, total product is 9 units; when 6 units of labor are employed, total product is 11 units of output. If the price of output is $5 per unit, what is the marginal revenue product of the 6th unit of labor?
A) $10 B) $5 C) $15 D) $55
Which of the following is the most likely result of an increase in the minimum wage?
a. An increase in the employment of unskilled workers. b. A decrease in the number of workers seeking minimum wage jobs. c. An increase in the demand for unskilled workers. d. A decrease in the employment of unskilled workers.
The "Prisoners' Dilemma" is an example of a cooperative game
a. True b. False Indicate whether the statement is true or false
A competitive, profit-maximizing firm hires workers up to the point where the
a. marginal product equals zero. b. marginal revenue product equals zero. c. marginal product equals the wage. d. value of the marginal product equals the wage.