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

Economics

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What is Italy's opportunity cost of producing 5 pairs of shoes?

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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)

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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

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