The figure above shows a local lawn cutting service's demand for labor curve when the price of cutting an acre of lawn is $50 per acre
If the market wage is $300 per day, the firm will NOT hire a fourth worker because the fourth worker would create A) an economic loss and the firm would shut down.
B) additional revenue that exceeds the worker's wage.
C) additional revenue that exceeds the worker's value of marginal product.
D) additional revenue that falls short of the worker's wage.
D
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Which constitutes an obstacle to collusion among oligopolists?
A. a standardized product B. prosperous economic conditions C. trademarks and copyrights D. a large number of firms
What is TRUE when the credit market is in equilibrium?
A) The legal minimum wage equals the actual wage. B) Desired saving equals desired investment. C) Desired employment equals the number of jobs available. D) Desired consumption spending equals the total of saving plus investment.
In the circular flow of income
A) households demand goods and services that are supplied by firms, and the firms demand factors that are supplied by intermediate firms. B) households demand goods and services that are supplied by firms, while supplying factors that are demanded by firms. C) households sell goods and services while firms sell factors. D) households buy goods and services while firms sell goods and services. Firms obtain labor from households, capital from government, and raw materials from other firms.
If you place $100 in a bank account that pays 6% at the end of each year, and you leave your $100 and all your interest in the bank, how much will you have in the bank at the end of 7 years with annual compounding?
A) (106)7 B) 7 ? (106) C) 100 ? (1.60)7 D) 100 ? (1.06)7