When the wage rate is $10 per hour and the MPP of a worker is 15 units per hour, the unit labor cost is
A. $10.00 per hour.
B. $0.67 per unit.
C. $150.00 per hour.
D. $15.00 per unit.
Answer: B
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The optimal bidding strategy in a first-price sealed-bid auction is identical to the optimal bidding strategy in a(n) ________ auction
A) open-outcry English B) open-outcry Dutch C) second-price sealed-bid D) dollar
An economy is at full employment when ________
A) the unemployment rate is zero B) there is no frictional unemployment C) the unemployment rate equals the natural unemployment rate D) there is no structural unemployment
Output per person must be ________ output per worker.
A. greater than or equal to B. no more than half the size of C. equal to D. less than or equal to
Number of workersUnits of output0012525539541255150
Refer to Table 5.2, which gives a firm's production function. Assume that all non-labor inputs are fixed. Diminishing returns set in with the addition of the:
A. third worker. B. fourth worker. C. fifth worker. D. sixth worker.