Refer to Scenario 7.3. Suppose that the price of labor is $5 and the price of capital is $20. Your firm desires to produce 200 units of output. How much labor will be hired to minimize the costs of producing 200 units of output?
A) 25
B) 50
C) 100
D) 200
E) none of the above
C
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Use the following table to answer the next question.YearAltaZornAltaZorn?(Real GDP)(Real GDP)(Population)(Population)1$2,000$150,00020050022,100152,00020250532,200154,000210508Between years 2 and 3
A. Alta's real GDP grew more rapidly than Zorn's real GDP. B. real GDP fell in Zorn. C. population fell in Alta. D. population growth reduced Alta's real GDP growth to zero.
The demand for loanable funds increases if
A) expected profit increases. B) population growth slows. C) firms fear a recession. D) wealth increases. E) technological growth slows.
A bond that provides no interest payments but instead is issued at a value that is lower than its face value is called:
a. a no-interest bond. b. a load-free bond. c. a no-load bond. d. a zero-coupon bond. e. a coupon bond.
On the Heritage Foundation's scale of "Economic Freedom," the least "free" country would be that one whose economic system was purely
A. utilitarian. B. communist. C. socialist. D. capitalist.