Use the above table. If the marginal revenue product is $30, how many workers will the profit maximizing monopsonist hire and what wage will they pay each worker?
A) 1; $10
B) 2; $15
C) 3; $20
D) 4; $25
C
You might also like to view...
High rates of saving today contribute to ________ in the future.
A. more capital gains B. a higher standard of living C. more unemployment D. higher tax rates
Under a managed float, a country's central bank
a. buys or sells its currency in order to keep its money supply stable b. buys or sells its currency in order to maintain a stable exchange rate c. may sell its currency in order to prevent a depreciation d. may buy a foreign currency in order to prevent its appreciation e. prints money and uses it to buy foreign currency
The trade of an economy is said to be balanced if: a. the monetary value of exports is greater than the monetary value of imports. b. the monetary value of exports is equal to the monetary value of imports
c. the physical volume of exports is equal to the physical volume of imports. d. the physical volume of exports is greater than the physical volume of imports.
Refer to Figure 1.7. The benefit of producing at point G rather than point D is
A. AB units of food. B. OA units of food. C. KL units of clothing. D. OL units of clothing.