Which of the following is the best place to set funds aside for "surprise" expenditures?
What will be an ideal response?
a savings account
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As a fishing firm hires its first, second, and third workers, it could find that marginal product actually rises. The reason for this is
a. diminishing returns have set in b. the division of labor creates greater productivity c. the firm has hired another boat d. all tasks are shared by all workers e. less qualified workers are becoming available
Consider a monopolistically competitive firm in a market in long-run equilibrium. This firm is likely earning
a. a positive economic profit since it is charging a price above marginal cost. b. no economic profit since it is charging a price equal to its marginal cost. c. a positive economic profit since it is charging a price above its average total cost. d. no economic profit since it is charging a price equal to it average total cost.
The additional cost associated with the hiring of one more unit of labor is known as the
A) marginal physical product of labor. B) marginal revenue product of labor. C) marginal factor cost of labor. D) marginal utility of labor.
The marginal revenue product curve for labor is the demand curve for labor.
Answer the following statement true (T) or false (F)