According to the above table, the marginal factor cost of the seventh worker is
A. $42.00.
B. $126.00.
C. $168.00.
D. $24.00.
Answer: A
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Which of the following firms is considered a monopolistically competitive firm using the four-firm concentration ratio?Firm A: Four-Firm Concentration ratio=35%Firm B: Four-Firm Concentration ratio=25%
A. Firm A B. Firm B C. Both Firm A and Firm B D. Neither Firm A nor Firm B
Peter was recently hired as a salesman for a national consulting firm. His job involves spending a significant portion of his time out of the office visiting prospects and attending conferences. Which of the following is a strategy the consulting firm may employ to discourage Peter from shirking his responsibilities?
a. Tell Peter that the shareholders want to earn a large profit this year. b. Stop paying Peter bonuses based on how much he's sold. c. Allow Peter to set his own schedule and work from home frequently. d. Pay Peter an above-equilibrium wage.
If the government increases defense spending by $1 billion and the MPC is 0.8, how much additional spending will occur in the third “round” of spending?
A. $640 million B. $800 million C. $1 billion D. $1.8 billion
Scarcity requires that we:
A. change our fiscal policy until the situation of scarcity is eliminated. B. make sure we only want things that we are capable of consuming and producing. C. adopt economic policies that will lead to unlimited resources. D. make decisions in order to arrange our resources rationally.