Refer to Table 4-4. If a minimum wage of $10.50 an hour is mandated, what is the quantity of labor demanded?
A) 400,000 B) 370,000 C) 340,000 D) 60,000
C
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The marginal revenue product of capital is
A) the change in the firm's revenue as a result of employing one more unit of capital, such as a machine. B) the economic rent received by hiring an additional unit of capital. C) the cost to the firm of renting an additional unit of capital. D) the revenue generated by substituting capital for labor in the production process.
A monopolist will maximize profits by producing a quantity specified by setting marginal revenue equal to marginal cost
a. True b. False Indicate whether the statement is true or false
The economy can produce 15X and 15Y, 10X and 20Y, 5X and 25Y, or 0X and 30Y. It follows that opportunity cost of 1X is ___Y
A) 4.0 B) 5.0 C) 2.5 D) 1.0 E) none of the above
Eleanor and her father have identical driving records for the last ten years and neither one has had an accident or insurance claim. Despite that record She pays more for car insurance than he does. What might be the reason for this?
A. Statistical discrimination B. Adverse selection C. The law of large numbers D. The moral hazard problem