The Ernie Egg Store hires workers to paint eggs. The store sells the eggs for $3. The marginal revenue product of this store's fifth worker is $21. The marginal product of the fifth worker is
A. 0.14 eggs.
B. 7 eggs.
C. 36 eggs.
D. indeterminate from this information.
Answer: B
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The self-correcting property of the economy means that output gaps are eventually eliminated by:
A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.
A fall in the price level produces a ________ the aggregate demand curve
A) change in the slope of B) movement downward along C) leftward shift of D) rightward shift of E) movement upward along
The above table shows the marginal benefits and costs from production of fertilizer. There are no external benefits. If the market is perfectly competitive and unregulated, at the equilibrium level of output,
A) resource allocation is efficient. B) resource allocation is inefficient. C) too few tons of fertilizer are produced. D) consumers must pay too high a price for fertilizer.
The American Revolution and Constitution resulted in
(a) a dramatic change in laws and the ownership of property. (b) greatly expanded rights for wage workers and indentured servants. (c) the elimination of a land-owning aristocracy. (d) very little major change with respect to laws and ownership of property, though there was a strengthening of property rights.