Refer to the above table. Suppose the price of the good sold is $4 and the marginal factor cost of labor is $600, how many units of labor will the firm hire?
A) 4
B) 5
C) 6
D) 3
A
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What is the intuition that an expansion of an individual's budget set represents a gain?
A) More options are preferred to less. B) Money is the root of all happiness. C) Information is power. D) Scarcity is avoidable with prosperity.
If three cell phone providers are in an agreement, this is an example of a ________ agreement.
A) vertical B) leftward C) horizontal D) rightward
The rise in unemployment in a country resulted in many unemployed people turning to criminal activity such as drug dealing, violent theft, and robbery as an alternative means to make money. It also led to growing political unrest. Therefore, unemployment in this country resulted in _____
a. a loss of lifetime earnings b. a loss of human capital c. the deterioration of health d. a loss of social cohesion
The concept of present value helps explain why the quantity of loanable funds demanded decreases when the interest rate increases
a. True b. False Indicate whether the statement is true or false