If a firm hires 215 workers it will produce 3,016 units of output. If it hires 216 workers it will produce 3,128 units of output. The marginal physical product of labor equals
A. 1.
B. 3,128.
C. 216.
D. 112.
Answer: D
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Which of the following is a difference between a monopolistically competitive market and a perfectly competitive market in the long run?
A) Firms in a monopolistically competitive market earn zero economic profits in the long run, while firms in a perfectly competitive market earn positive economic profits in the long run. B) Firms in a monopolistically competitive market earn zero economic profits in the long run, while firms in a perfectly competitive market incur losses in the long run. C) Firms in a monopolistically competitive market charge a price higher than marginal cost in the long run, while firms in a perfectly competitive market charge a price equal to marginal cost in the long run. D) Firms in a monopolistically competitive market charge a price lower than marginal cost in the long run, while firms in a perfectly competitive market charge a price equal to marginal cost in the long run.
The fundamental economic problem faced by individuals is
A) scarcity. B) comparative advantage. C) fair allocations of goods and services. D) randomness in the distribution of income.
As a person's or family's income rises, the marginal federal income tax rate __________
Fill in the blank(s) with correct word
Using the above table, what is the marginal utility of the 4th soda?
A. 15 B. 10 C. 23.2 D. 5