The MFC can be calculated by the
A) change in total wages/change in labor.
B) total wages/total labor.
C) change in labor/change in total wages.
D) total wages/change in labor.
A
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Loopholes have the effect of
a. encouraging particular patterns of behavior and favoring particular types of people. b. eroding the progressivity of the income tax. c. altering the pattern of economic incentives. d. All of the above are correct.
In a perfectly competitive market, the long-run industry supply curve is perfectly elastic at the minimum point of the ATC curve
a. True b. False Indicate whether the statement is true or false
Which of the following has a present value of $100?
a. $109.12 in two years when the interest rate is 4 percent b. $113.98 in two years when the interest rate is 6 percent c. $116.64 in two years when the interest rate is 8 percent d. $123.17 in two years when the interest rate is 10 percent
Frank owns an apple farm and plans to spend 4 hours today picking apples. The number of apples he can pick per hour depends on the total number of hours he spends working in either the east orchard or the west orchard in the manner shown in the accompanying table below.Hours in East OrchardNumber of Apples Per HourHours in West OrchardNumber of Apples Per Hour140110232210325310420410 How should Frank divide his time between the east and the west orchard?
A. He should spend all 4 hours in the east orchard. B. He should spend 3 hours in the east orchard and 1 hour in the west orchard. C. He should spend 1 hour in the east orchard and 3 hours in the west orchard. D. He should spend 2 hours in east orchard and 2 hours in the west orchard.