The number of workers hired by a firm at a particular wage rate can be calculated if you know which of the following?
a. c and d.
b. Product supply curve.
c. Marginal product of labor.
d. Marginal factor cost.
e. Marginal revenue product of labor.
e
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
A monopoly incurs a marginal cost of $1 for each unit produced. If the price elasticity of demand equals -2.0, the monopoly maximizes profit by charging a price of
A) $1.00. B) $1.50. C) $2.00. D) $3.00.
Ed Van Zaig is considering opening a sushi bar. To do so, he would have to quit his current job, which pays $20,000 a year, and use a building that he owns and currently rents to his brother for $6,000 a year. His costs at the sushi bar would be $50,000 for food and $2,000 for gas and electricity. What are his explicit costs?
a. $26,000 b. $66,000 c. $78,000 d. $52,000 e. $72,000
The actual control of the Federal Reserve System resides in the
a. Congress of the United States. b. member banks. c. Senate Banking Committee. d. Board of Governors.