Refer to the above table. If the firm can sell 24 units of output at a price of $1.00 and 42 units of output at a price of $0.80, the marginal revenue product of the second unit of the resource is:
A. $5.40
B. $7.80
C. $9.60
D. $12.20
C. $9.60
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A competitive market is in equilibrium. Then there is a decrease in demand and a decrease in supply. The equilibrium price ________, and the equilibrium quantity ________
A) rises; decreases B) perhaps changes but we can't say if it rises, falls, or stays the same; decreases C) falls; increases D) perhaps changes but we can't say if it rises, falls, or stays the same; increases E) rises; increases
In the above figure, the difference between the competitive industry price and that of the monopolist is
A) 0B. B) 0A. C) AB. D) CE.
Foreign aid can take the form of
a. only money, capital goods, or technical assistance b. only capital goods, technical assistance, or food c. money, capital goods, technical assistance, or food d. only money, technical assistance, or food e. only technical assistance or food
Suppose a firm uses workers and office space to produce output. The firm is locked into a year-long lease on its office space, but it can easily vary the number of employee-hours it uses each day. The accompanying table describes the relationship between the number of employee-hours the firm uses each day and the firm's daily output. Each unit of output sells for $2, the hourly wage rate is $14, and the rent on the office space is $50 per day.Employee-Hours Per DayOutput Per Day0014048091201516023200 When the firm uses 9 employee-hours per day, its total revenue each day is:
A. $160. B. $18. C. $120. D. $240.