Refer to the above table. If the price of the product is $1.50, what is the marginal revenue product of the 12th worker?
A) $1035
B) $135
C) $90
D) $1.50
B
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Other things remaining unchanged, the longer the time period under consideration, the greater will be the price elasticity of demand
a. True b. False Indicate whether the statement is true or false
Which of the following countries is lacking an abundance of natural resources?
a. Australia b. Japan c. Brazil d. United States
Based on the following information, the value of the M1 measure of the money supply is ________ and the value of the M2 measure of the money supply is ________.AssetsBillions of DollarsCurrency20Demand deposits300Money market mutual funds800Traveler's checks10Savings deposits1,800Other checkable deposits200Small denomination time deposits1,100
A. $530 billion; $4,230 billion B. $330 billion; $4,230 billion C. $520 billion; $4,320 billion D. $530 billion; $3,700 billion
The optimal amount of pollution abatement is such that
A) the total benefit of reducing pollution is equal to the total cost of reducing pollution. B) the marginal private cost of reducing pollution is just equal to the profit of the polluting firms. C) there is no remaining pollution. D) the marginal social cost of reducing pollution is just equal to the marginal social benefits from doing so. E) none of the above; there is no optimal amount of pollution abatement.