If the total cost incurred in hiring ten workers by a firm is $45, and the total cost incurred when the eleventh worker is hired is $60, the marginal cost of hiring the eleventh worker is:
A) $20. B) $15. C) $105. D) $1.33.
B
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Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for bicycle helmets. Which panel best describes what happens in this market if there is a substantial increase in the price of bicycles?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)
If a firm requires a standardized raw material to produce its output, ________ is often the least expensive option to purchase the raw materials.
A) backward integration B) forward integration C) divestiture D) the spot market
All types of capital
a. are forms of resources that can be used in future production b. require a physical existence c. earn an economic rent d. yield profits for their owners e. require obtaining more education and job skills
What is Italy's opportunity cost of producing 5 pairs of shoes?
