Refer to Table 10.2. If the price of output is $2 per unit and we observe the firm hiring four workers, if the firm is maximizing profit, the wage rate must be between ________ and ________.
A. $25; $45
B. $30; $35
C. $45; $60
D. $60; $80
Answer: D
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Harry's Hookahs incurs $700,000 per year in explicit costs and $500,000 in implicit costs. The company earns $1.4 million in revenues and has $3.7 million in net worth. Based on this information, what is the accounting profit for Harry's Hookas?
A) $200,000 B) $700,000 C) $900,000 D) $1.1 million
In Figure 3-7 above, the multiplier effect does NOT explain
A) the increase in equilibrium income. B) the increase in induced saving. C) the increase in AP. D) all of the above.
In the real economy, income taxes are generally proportional or progressive
What will be an ideal response?
The production possibilities frontier shows:
a. possible combinations of two types of goods that can be produced when all available resources are fully and efficiently employed. b. possible combinations of two types of resources that can be used to produce a given combination of two goods. c. possible quantity of a good that will be consumed at various possible prices. d. possible quantity of a good that will be supplied at various possible prices.