Suppose a worker is offered a wage of $8 per hour, plus a fixed payment of $100 per day, and he can use 24 hours per day. What is the minimum the worker can earn in a day?
A. $192
B. $50
C. $200
D. $100
Answer: D
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Two goods, X and Y, are called substitutes if
a. an increase in PX causes more Y to be bought. b. an increase in PX causes less Y to be bought. c. an increase in PY causes less Y to be bought. d. an increase in income causes more of both X and Y to be bought.
If you must make a choice about consuming two apples, three oranges, or one candy bar, the opportunity cost of the two apples is the candy bar plus the three oranges
a. True b. False Indicate whether the statement is true or false
Suppose that when the level of output for the firm increases from 50 to 60 units, its variable costs increase from $500 to $700. What is the firm's marginal cost?
A. $20 B. $115 C. $10 D. $5
Comparative advantage stems from a difference in
A. relative efficiency. B. absolute efficiency. C. natural endowment. D. tastes of consumers.