Use the above table. If the marginal revenue product is $30, how many workers will the profit maximizing monopsonist hire and what wage will they pay each worker?
A. 1; $10
B. 2; $15
C. 4; $25
D. 3; $20
Answer: D
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Refer to the table above. Which of the following statements is true about the marginal product of labor?
A) The marginal product initially decreases with the first few workers and then increases. B) The marginal product initially increases with the first few workers and then decreases. C) The marginal product decreases as more workers are hired. D) The marginal product increases as more workers are hired.
Elimination of minimum brokerage commission rates occurred because of
A) competition from banks. B) demands of institution investors. C) competition from foreign brokerage firms. D) an action of the Securities and Exchange Commission.
In 1991, Congress levied a 10 percent luxury tax on yachts over $100,000 . The tax brought in far less than was anticipated, they must have passed the legislation thinking the demand for yachts was more ___ than it actually was
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