At the Larson Bakery the marginal products of the first, second, and third sales clerks are 30, 27, and 21 customers served, respectively. The total product (number of customers served) of the three sales clerks is
A. 30.
B. 57.
C. 78.
D. 109.
Answer: C
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A) Panels A and C only B) Panel D only C) Panel A only D) Panels B and D only
Explain why the social demand curve for a public good is the vertical sum of the demand curves of each individual
What will be an ideal response?
Which of the following statements is true?
a. The doctrine of laissez-faire advocates an economic system with extensive government intervention and little individual decision-making. b. In capitalism income is distributed on the basis of need. c. Adam Smith was the father of socialism. d. Most real-world economies are mixed economic systems. e. The "invisible hand" refers to government economic control.
Which period of recent U.S. history shows the lowest rates of productivity growth?
A. 1948–1973 B. 1973–1995 C. 1995–2000 D. All periods had similar growth rates.