The firm's gain in profit from hiring another worker is
A) the marginal revenue product of the extra worker.
B) the extra output of the extra worker.
C) the reduction in costs from hiring another worker.
D) the difference between marginal revenue product and the wage of the worker.
D
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Which of the following increases the supply of a product?
A) a fall in the price of the product B) a smaller number of sellers producing the product C) an increase in foreign imports of the product D) higher taxes imposed upon producers of the product
The market demand is the:
a. sum of all individual demand curves in a market. b. sum of all individual prices in a market. c. sum of all individual demand curves and supplies in a market. d. vertical sum of all individual demand curves.
When output is 50, fixed costs are $1,000, and variable costs are $2,000, what is the average total cost?
A. $20 B. $60 C. $40 D. $80
Some economists criticize the Lorenz curve because it
A. measures unreported income earned in the underground economy. B. uses after-tax income when pre-tax income is more appropriate. C. includes too many things in measuring income, such as food stamps, housing aid, and other government programs. D. does not account for the effect of age on a family's income.