The above table depicts the output of a firm that manufactures computers. The computers sell for $1,000 each. What is the marginal physical product (MPP) of the eleventh worker per week?
A) 90 units
B) 80 units
C) $7,000
D) $6,000
A
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Living in a world of scarcity involves trade-offs
a. True b. False Indicate whether the statement is true or false
A monopolist's marginal revenue curve is
A) the same as a perfectly competitive firm's marginal revenue curve. B) higher than the monopolist's demand curve. C) below the firm's demand curve. D) a horizontal line at the market price.
The U.S. government imposes import quotas on many agricultural products, especially products that receive price supports. Offer an economic explanation for this
What will be an ideal response?
Growth in the share of health-care expenditures covered by third parties (for example, insurance or government programs) will
a. place downward pressure on the prices of health-care services. b. reduce the incentive of suppliers to provide consumers with health-care services at a low cost. c. make consumers more sensitive to the price of health-care services. d. make it easier to control the growth of health-care expenditures.