Refer to the above table. If the product price increases from $3 to $4, then at the wage rate of $15, the firm will hire:
A. 2 workers
B. 3 workers
C. 4 workers
D. 5 workers
D. 5 workers
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Jenny likes chocolates. One day, a friend offers her a chocolate bar and she is extremely happy on receiving it. As the day progresses, many other people also buy her chocolate
As she gets more and more chocolates, her excitement on receiving each bar is seen to gradually lessen. Which economic principle is reflected in this example? A) The Law of Increasing Willingness to Pay B) Aggregation of demand behavior C) The Law of Diminishing Marginal Benefit D) The Law of Equi-Marginal Utility
You are a manager of a small coal mining operation. Your best way to design task would be
A. narrow task assignment and functional specialization among workers. B. narrow task assignment to workers and limited interest in specialized task. C. broad allocation of decision rights and empowerment via delegation. D. narrow specialization among workers without any task assignment.
Data on labor-force flows show that
A) in any given month, almost none of the unemployed gets jobs. B) in any given month, almost all of the unemployed gets jobs. C) the average duration of unemployment is about 2 weeks. D) the average duration of unemployment is about 2 years. E) in any given month, about one-fourth of the unemployed get jobs.
One aspect of prospect theory is that people tend to
A) be very risk averse to large gains. B) be very risk averse to losses. C) love losses more than gains. D) hate gains regardless of potential losses.