Suppose a firm uses workers and office space to produce output. The firm is locked into a year-long lease on its office space, but it can easily vary the number of employee-hours it uses each day. The table below describes the relationship between the number of employee-hours the firm uses each day and the firm's daily output. Each unit of output sells for $2, the hourly wage rate is $14, and the rent on the office space is $50 per day.Employee-HoursPer DayOutputPer Day0014048091201516023200When the firm uses 9 employee-hours, its total labor cost each day is:

A. $30
B. $126
C. $56
D. $84


Answer: B

Economics

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Which of the following will most likely happen when better technology is used in production?

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Other things the same, if reserve requirements are increased, the reserve ratio

a. increases, the money multiplier increases, and the money supply increases. b. increases, the money multiplier decreases, and the money supply decreases. c. decreases, the money multiplier increases, and the money supply increases. d. decreases, the money multiplier decreases, and the money supply increases.

Economics

Inferior goods are always substandard.

Answer the following statement true (T) or false (F)

Economics