Tastie Gum sells a pack of gum for ?$1.50. The marginal product of labor is 8 packs of gum. The marginal revenue product of labor is ?$ nothing. ?(Enter your response rounded to two decimal? places.)
Tastie Gum sells a pack of gum for
The marginal product of labor is
packs of gum. The marginal revenue product of labor is
?(Enter your response rounded to two decimal? places.)
$12
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As a rule, the more of a commodity a consumer acquires, the smaller will be her total utility from that good.
Answer the following statement true (T) or false (F)
A(n) ____ is a price taker
a. monopoly firm b. oligopoly firm c. perfectly competitive firm d. monopolistically competitive firm e. duopoly firm
In most places of the world, the marginal utility of water is low because
a. its supply is so abundant b. it is so essential c. it has so many uses d. total utility is so high e. it is very scarce
If Les can produce two pairs of pants per hour while Eva can produce one pair per hour, then it must be true that:
A. Les has a comparative advantage in producing pants. B. Les has an absolute advantage in producing pants. C. Les has both comparative and absolute advantage in producing pants. D. Eva has a comparative advantage in producing pants.