If 11 workers can produce a total of 54 units of a product and a 12th worker has a marginal product of 6 units, then the average product of 12 workers is
A) 60 units. B) 54 units. C) 48 units. D) 5 units.
D
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When firms in an industry are selling similar products, and they agree to share the market,
A) each firm earns a profit even though marginal cost is greater than marginal revenue. B) each firm secures a net revenue about as large as it would have received if it were the only seller. C) they try to keep each firm's price above its marginal cost. D) they tend to produce higher prices and larger output. E) the agreement will enforce itself because none of the firms will have an interest in triggering a competitive struggle.
All the land in a California valley is owned by one person. The supply of land is fixed and is rented each year to farmers who bid for it in an open auction. Given the rents they must pay, the farmers barely earn subsistence. Sympathy for the poor farmers leads the state to bring in irrigation facilities to raise the productivity of the farms and raise the farmers’ income. The most likely outcome is
A. the farmers will be better off. B. the farmers and the landlord will share the new prosperity. C. only the landlord will be better off. D. no one will prosper.
When a worker learns how to use a new business-related software program, this is an example of investing in:
A. the stock market. B. research and development C. human capital. D. physical capital.
All of the following would affect the position of the supply curve for cranberries, except the:
a. Cost of fertilizers for cranberry production b. Development of a new pest control for cranberries c. Price of agricultural land for cranberries d. Popularity of cranberry drinks