A firm’s labor input, total output of labor, and product price schedules are given below. If labor is the only variable input, how much labor should the firm employ if the wage rate is $8 per day?
What will be an ideal response?
The firm should hire 5 workers. The MRP of the fifth worker is $11 and the MRC is $8.
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a. availability heuristics. b. representative heuristics. c. population heuristics. d. selection bias.
In the United States, the central bank is the:
A. National Bank of the United States. B. Congressional Budgeting Office. C. Federal Reserve. D. Treasury.
Assume that prices and wages adjust rapidly so that the markets for labor, goods, and assets are always in equilibrium
What are the effects of each of the following on output, the expected real interest rate, and the current price level? (a) a temporary increase in taxes (b) a reduction in the effective tax rate on capital (c) an increase in expected inflation
A player's strategy is a game plan when decisions are interdependent
a. True b. False