In the above table, if the marginal factor cost is $200, how many workers would be hired?
A. 5
B. 6
C. 3
D. 4
Answer: B
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A firm chooses vertical integration to reduce all of the following costs, EXCEPT:
a. the cost of investing in diversified assets. b. the cost of finding a trading partner. c. the cost of devising and enforcing an agreement. d. the cost of evaluating the other party's performance.
Looking at the trade-off between output and a cleaner environment, low-income countries usually would choose what?
a. Less output to feed and house their citizens b. A cleaner environment even if it means the majority of their citizens staying poor c. More output to feed and house their citizens d. A cleaner environment for their citizens
When regulating a firm, setting price equal to marginal cost does not necessarily require providing a subsidy if
a. it always requires providing a subsidy b. ATC is always falling c. MC is always falling d. variable costs are covered e. ATC is U-shaped
Two South Pacific islands, Aba and Ema, have very different Gini coefficients. Aba's is 0.90 and Ema's is 0.40 . That's enough information to tell you that
a. both islands have a relatively equal income distribution because their Gini coefficients are both less than 1 b. Aba's income is growing faster than Ema's c. Ema's distribution of income is less equal than Aba's d. Ema's distribution of income is more equal than Aba's e. Aba's population is growing faster than Ema's