A firm will hire workers until the
A. average revenue from hiring an additional worker is zero.
B. marginal revenue from hiring an additional worker falls below the marginal cost.
C. marginal revenue from hiring an additional worker is maximized.
D. marginal revenue from hiring an additional worker is zero.
Answer: B
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There are two closely related crops, X and Y, with the following demand functions QX = 180 - 2PX + PY and QY = 150 + PX - PY where QX is the quantity of X, PX is the price of X, QY is the quantity of Y, and PY is the price of Y
These two crops are grown in two widely separated countries so there is no interrelationship between the supply curves. The short-run perfectly inelastic supply for X is 150 while the short-run perfectly inelastic supply for Y is 100. In equilibrium, the prices are A) PX = 80, PY = 130 B) PX = 40, PY = 65 C) PX = 60, PY = 120 D) PX = 30, PY = 80
The amount of a commodity that buyers in the market would like to purchase at a particular price is
a. equilibrium b. quantity supplied c. quantity produced d. infinite e. quantity demanded
Schleppsi, a soft drink maker, is a monopsonist in the county where it manufactures its product. Suppose the total labor cost per week to the firm is $35,000 with 99 workers and the total labor cost with 100 workers is $36,000 . What will the weekly wage rate be if Schleppsi hires the 100th worker?
a. $35 b. $36 c. $100 d. $350 e. $360
For a given country, comparing the world price of aluminum and the domestic price of aluminum before trade indicates whether that country's demand for aluminum exceeds the demand for aluminum in other countries
a. True b. False Indicate whether the statement is true or false