Refer to the data. If product price is $75, the firm will produce:
A. 3 units of output.
B. 4 units of output.
C. 5 units of output.
D. 6 units of output.
B. 4 units of output.
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A decrease in the price of a good would
a. increase the supply of the good. b. increase the quantity demanded of the good. c. give producers an incentive to produce more to keep profits from falling. d. shift the supply curve for the good to the left.
Structural unemployment is increased when workers can afford to be unemployed for longer periods of time as a result of:
A. unemployment insurance. B. minimum wage laws. C. worker mobility. D. skill-biased technological change.
Macroeconomics deals with ________ while microeconomics deals with ________
A) choices important to people; choices not important to people B) economywide choices; choices of individuals C) choices that involve money; choices that does not involve money D) choices of rich people; choices of poor people
As more workers are hired, the marginal physical product of labor eventually declines because
A) less efficient workers are hired as the number of workers increases. B) workers do not work well together when the number of workers increases. C) the amount of capital each worker has to work with declines as the number of workers increases. D) of diseconomies of scale.