Examples of incentive pay include
a. allowing employees a certain number of personal days
b. providing onsite parking for employees
c. cleaning the worksite with weekly janitorial service
d. prizes to the employee team to win a project goal tournament
d
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If a firm hires a worker by paying him a wage higher than his value of marginal product, ________
A) the firm will earn higher profits B) the firm is making an optimum decision C) firing the worker will increase the firm's profits D) firing the worker will reduce the firm's profits
Countries that start with very little physical capital will get a:
A. similar return from adding a unit of capital than a country that starts at a higher initial level will. B. higher return from adding a unit of capital the more natural resources they possess. C. lower return from adding a unit of capital than a country that starts at a higher initial level will. D. higher return from adding a unit of capital than a country that starts at a higher initial level will.
Refer to the accompanying figure. If the market for doughnuts is perfectly competitive, then assuming this firm can earn enough revenue to cover its variable cost, it should produce:
A. the quantity of doughnuts at which average total cost is minimized. B. the quantity of doughnuts at which marginal cost equals the market price. C. 50 doughnuts per day. D. the quantity of doughnuts at which average total cost equals the market price.
Answer the following statement(s) true (T) or false (F)
1. If a supplier’s price is higher than the market price in a perfectly competitive market, then the supplier will have difficulty selling her products. 2. To maximize profits, the firm wants to produce the amount that maximizes the difference between its total revenues and total costs. 3. Marginal revenue in a perfectly competitive firm is equal to the price of the good. 4. Step 2 of the three-step method involves finding total cost. 5. If total revenue is equal to total cost at q*, then the firm is generating economic profits.