?Kites /hourSnowboards /hourJesse81April123
Consider two individuals, Jesse and April, who hand paint kites and snowboards. Table 3.1 shows how much of each good Jesse and April can paint in one hour. April's opportunity cost of painting one snowboard is painting:
A. 1.5 kites.
B. 3 kites.
C. 4 kites.
D. 12 kites.
Answer: C
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The rutabaga market is perfectly competitive and the price of a ton of rutabagas rises. As a result, Rudy, a rutabaga farmer, will
A) decrease his output of rutabagas. B) not change his output of rutabagas because Rudy's firm is a price taker. C) increase his output of rutabagas. D) at first decrease and then increase his output of rutabagas. E) probably change his output of rutabagas, but more information is needed about the change in the marginal revenue of a ton of rutabagas.
The marginal labor cost curve for a monopsonist
a. is equal to the supply curve of labor b. lies above the supply curve of labor c. lies below the supply curve of labor d. is affected by the fact that workers are less willing to work than under conditions of perfect competition e. is lower than the marginal revenue product of labor in equilibrium which assures the monopsonist a return to monopoly power
Refer to the table at right. How many workers will this firm hire if the weekly wage rate is? $1,350?
A. 26
B. 25
C. 0
D. 27
Suppose Chris is a potter who makes mugs. His total costs depend on the number of mugs he makes each day, as shown in the accompanying table.Number of Mugs Per DayTotal Cost Per Day0$101$142$193$254$325$406$49 If the market for mugs is perfectly competitive, and mugs sell for $7.50 each, then Chris should make ________ mugs per day.
A. 4 B. 5 C. 6 D. 0