If one worker can pick $30 worth of grapes and two workers together can pick $50 worth of grapes, the:
A. marginal revenue product of each worker is $25.
B. marginal revenue product of the first worker is $20.
C. marginal revenue product of the second worker is $20.
Answer: C
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Successive downward movements along the demand curve for the product of a monopolist always generate successive
A) increases in the monopolist's marginal revenue. B) increases in the monopolist's average total costs. C) decreases in the additional per-unit costs incurred by the monopolist. D) decreases in the additional per-unit revenues earned by the monopolist.
If at an output of 4,000 units Sloan Company is making an economic profit and marginal profit is $20 per unit, the firm should
a. reduce output to maximize total profit. b. increase output until marginal profit falls to zero. c. do whatever is necessary to increase marginal profit. d. There is not enough information to make a decision.
Prohibiting the use of "dirty" fuels by industry is an example of
a. voluntarism. b. direct controls. c. taxes on emissions. d. none of the above.
An increase in the price of gasoline will cause the demand curve for tires to shift in which direction?
A. To the left, because gasoline and tires are substitutes B. To the left, because gasoline and tires are complements C. To the right, because gasoline and tires are substitutes D. To the right, because gasoline and tires are complements E. To the right, because an increase in the price of gasoline makes consumers poorer and thus not willing to pay as much for tires