Sam owns a candy factory and hires workers in a competitive labor market to pack cases of candy. The company's weekly output of cases of candy varies with the number of workers hired, as shown in the following table:Number ofworkersCases/week00116023103450458057006810 If each case sells for $3 more than the cost of the materials used in producing it, then the most Sam would pay the 5th worker is ________ per week.
A. $120
B. $390
C. $360
D. $330
Answer: C
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Assuming all else equal, the ________, the lower the nominal interest rate
A) lower the inflation rate B) higher the inflation rate C) lower the income tax rates D) higher the income tax rates
Based on the Saving-Investment Diagram, if the domestic real interest rate is indicated by B, then ________
A) the value of net exports is zero B) the diagram represents a closed economy C) the world real interest rate is indicated by A D) the difference between values F and E measures the net capital inflow E) none of the above
Which of the following statements is true?
a. The national debt as a percentage of GDP is greater today than during any other period in our nation's history. b. A sizeable external national debt will transfer purchasing power away from foreigners to domestic citizens. c. Keynesian theory assumes a total crowding out effect associated with deficit spending. d. U.S. national debt is 12 times its size in 1980.
The graph above represents a(n):
A. decreasing-cost industry: firms may be paying lower prices for their inputs when the industry expands. B. increasing-cost industry: firms may be paying higher prices for their inputs when the industry expands. C. constant-cost industry: prices of the inputs stay the same, and other production costs are constant as the industry expands. D. competitive, break-even industry: the long-run supply curve is upward sloping as it must be according to the law of supply.