Assume Ajax Company employs 100 workers and total revenue is $400,000 per week. When Ajax Company employs 101 workers, total revenue is $405,000 . The marginal revenue product of the 101st worker is:
a. $40,000.
b. $5,000.
c. $405,000.
d. none of these.
b
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An example of someone bearing the burden of a negative consumption externality would be
A) Taylor living downwind from a feedlot. B) LaShawn grows beautiful roses in her garden. C) Jess's roommate smokes and she doesn't. D) All of these are examples of someone bearing the burden of a negative consumption externality. E) None of these is an example of someone bearing the burden of a negative consumption externality.
The amount of upfront training employers have to provide varies directly with unemployment rates
Indicate whether the statement is true or false
A monopolist hiring labor in a perfectly competitive resource market is faced with a:
a. perfectly elastic demand curve for labor. b. horizontal marginal factor cost curve. c. perfectly inelastic demand curve for labor. d. vertical supply curve of labor. e. positively sloped marginal factor cost curve.
When competition is present and property rights protected and enforced, market prices will
a. discourage profit-seeking business firms from producing efficiently. b. direct entrepreneurs toward production of goods that are inferior in quality. c. encourage self-interested individuals to develop skills that are expected to be valuable in the future. d. always decrease.