An improvement in technology that allows workers to process twice as many insurance forms in an hour than before will cause
a. more labor to be employed because its marginal revenue product has fallen.
b. an increase in insurance premiums.
c. fewer workers to be employed because their marginal revenue product has decreased.
d. more workers to be employed because their marginal revenue product has increased.
e. fewer workers to be employed because their marginal revenue product has increased.
D
You might also like to view...
The following is not an example of risk aversion
a. you don't lock your garage when you have expensive workshop tools b. you are more careful when you buy a more expensive car c. Individuals tend to gamble more with their money when the future is certain d. you only go swimming when the lifeguard is on duty
If potential GDP increases, then in the figure above the potential GDP line ________, and the aggregate supply curve ________
A) does not shift; does not shift B) shifts rightward; does not shift C) does not shift; shifts rightward D) shifts rightward; shifts rightward E) shifts rightward; shifts leftward
At the midpoint of a linear demand curve, the price elasticity of demand is:
A) equal to zero. B) between zero and one. C) equal to one. D) greater than one.
Refer to Figure 12-16. Which panel best represents the perfectly competitive organic produce market in which some firms are earning short-run economic profits, and the Surgeon General announces that switching from non-organic produce to organic
produce will add 5 years to the average life span of consumers? A) Panel A B) Panel B C) Panel C D) Panel D