The question of how much labor a firm will hire comes down to:
A. the amount of capital that will be required in order to ensure the worker is productive.
B. whether added workers are going to generate more revenue or not.
C. if the added workers are going to add profits to the firm.
D. whether the value of the marginal product is greater than, less than, or equal to the average total cost.
Answer: C
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Most Americans
A. have accurate perceptions of the level of corporate profits. B. underestimate corporate profits. C. overestimate corporate profits. D. believe that corporations earn zero profit.
A negative cost-benefit ratio means that a program should not be undertaken
a. True b. False
Which of the following statements best describes the outcomes of protectionism for infant industries?
a. Protectionism for infant industries never imposes costs on domestic users of the product but typically has provided little benefit in the form of stronger, competitive industries. b. Protectionism for infant industries always imposes costs on domestic users of the product and typically has provided little benefit in the form of stronger, competitive industries. c. Protectionism for infant industries never imposes costs on domestic users of the product and typically has provided much benefit in the form of stronger, competitive industries. d. Protectionism for infant industries always imposes costs on domestic users of the product but typically has provided much benefit in the form of stronger, competitive industries.
Which statement is true?
A. The monopolistic competitor has a perfectly elastic demand curve. B. The monopolistic competitor may make a profit in the long run. C. The monopolistic competitor operates at the minimum point of her ATC curve. D. None of these statements are true.