Differences in human capital are usually large and easily observable
Indicate whether the statement is true or false
F
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Based on the production and revenue data in the above table, if the wage rate is $20 per worker, how many workers will be hired?
A) 5 B) 4 C) 3 D) 2
When a firm increased its output by one unit, its AC rose from $45 to $50. This implies that its MC is
A) $5. B) between $45 and $50. C) greater than $50. D) Cannot be determined from the above information
Refer to the above table. If the price is $5, the perfectly competitive firm should produce
A) 104 units. B) 105 units. C) 106 units. D) 107 units.
The statement "other things being equal" in the law of demand means all of the following remain constant EXCEPT
A) consumer income. B) the price of the good concerned in the law of demand. C) the prices of substitutes. D) tastes and preferences.