Using the data in the above table, what is the marginal product of the second worker?
A) 4.5 pizzas per hour
B) 4 pizzas per hour
C) 5 pizzas per hour
D) The marginal product is undefined.
B
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Hyperinflation can be defined as an inflation rate of
A) 50% or more per month. B) 50% or more per year. C) 50% or more decade. D) All of the above are appropriately defined as hyperinflation.
If the absolute value of the price elasticity of demand for a product is greater than 1, then
A) quantity demanded is not very sensitive to price changes. B) demand is elastic. C) demand is unit-elastic. D) demand is inelastic.
In the long run, a profit-maximizing monopolistically competitive firm sells at a price that is:
A. equal to average total cost. B. equal to marginal cost. C. below average total cost D. the same as in perfect competition.
The short-run market supply curve in a perfectly competitive industry
a. shows the total quantity supplied by all firms at each possible price b. is perfectly inelastic at the market price c. is perfectly elastic at the market price d. shows how much output each individual firm will supply at various possible prices e. is usually downward sloping