Refer to the figure above. If the price of a table is $2, what is John's income?
A) $20
B) $40
C) $60
D) $80
D
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A situation in which a worker can be hired without being in a union but has to join a union after a specified period of time is a
A) closed shop. B) union shop. C) open shop. D) restricted shop.
Sunshine's Organic Market sells organic produce. Assume that labor is the only input that varies for the firm. The store manager has determined that if she hires 9 workers, the store can sell 200 pounds of produce per day. If she hires 10 workers, the store can sell 230 pounds of produce per day. The store earns $4 for each pound of produce that it sells, and the manager pays each worker $60 per
day. Which of the following is correct? a. For the 10th worker, the marginal product is 20 pounds of produce per day. b. For the 10th worker, the marginal revenue product is $120 per day. c. The marginal profit from the 10th worker is $120. d. All of the above are correct.
Social demand is equal to
A. Public demand plus or minus externalities. B. Private goods plus or minus externalities. C. Tax revenue plus or minus externalities. D. Market demand plus or minus externalities.
Refer to Figure 6.4. If the current market transactions occur only over the output level where a buyer's willingness to pay is greater than a seller's willingness to accept, the government could have set:
A. a maximum price at A. B. a minimum price at A. C. a minimum price at C. D. There is not sufficient information.