Profit-maximizing employment is the quantity of labor at which
A. marginal factor product is equal to product price.
B. marginal revenue product is equal to marginal factor cost.
C. marginal factor cost is equal to marginal revenue.
D. marginal revenue product is equal to product price.
Answer: B
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Suppose there are only two goods (bread and wine) and only two countries (England and Portugal). In England, the cost of producing 1 bottle of wine is 4 loaves of bread. What is the cost of producing 1 loaf of bread in England? Under what circumstances will England specialize in bread production and purchase its wine from Portugal? Explain.
What will be an ideal response?
The first signs of major financial problems associated with the financial sector and real estate investment appeared in 2009
a. True b. False Indicate whether the statement is true or false
According to the accompanying table, Martha has the absolute advantage in making: Time to Make a PieTime to Make a CakeMartha60 minutes80 minutesJulia50 minutes60 minutes
A. cakes. B. neither pies nor cakes. C. both pies and cakes. D. pies.
To compare the costs of a college education, a wise student, when choosing between an expensive school with a high-expected income and a less expensive school with a lower-expected income would use the concept of
A. present value. B. actual costs and benefits. C. plausible deniability. D. enumerated costs and benefits.