Refer to the diagram, where variable inputs of labor are being added to a constant amount of property resources. Marginal cost will be at a minimum for this firm when it is hiring:
A. Q 3 workers.
B. Q 2 workers.
C. Q 1 workers.
D. more than Q 3 workers.
C. Q 1 workers.
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An inferior good is a good for which demand
A) decreases when income increases. B) increases when income increases. C) decreases when population increases. D) increases when population increases.
For many years short wave radios were a way of getting news from faraway places and in difficult conditions. But as new technologies have spread, the people listening to these devices has decreased
(Source: The Economist, July 7, 2012) As new technology creates substitutes for short-wave radios, the demand for short-wave radios ________ and the consumer surplus from short-wave radios ________. A) increases; increases B) decreases; decreases C) does not change; decreases D) decreases; does not change
If revenue in the short run is sufficient to offset variable costs but not all fixed costs, what should the firm do?
What will be an ideal response?
Of the following balance of payments measures, which one is least able to measure whether a nation is paying its own way?
a. Current account. b. Balance on goods & services. c. Balance on goods, services, and net income d. Reserves account