In the above table, if the marginal factor cost is $96, how many workers would be hired?
A) 3
B) 4
C) 5
D) 2
A
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Which characteristic does not help define a monopoly?
a. no close substitutes b. price-making behavior c. firm is the industry d. mutual interdependence e. firm's demand curve is market demand curve
A restaurant offers an "all you can eat" meal for $9 . Tyrone has eaten three servings and is trying to decide whether or not to go back for a fourth. The economic way of thinking suggests that Tyrone should go back for the fourth serving if and only if
a. his marginal benefit of the additional serving is greater than zero. b. his marginal benefit of the additional serving is at least $3. c. his marginal benefit of the additional serving is $9 or more. d. his total value from the meal exceeds $9.
Which of the following events must result in a lower price in the market for Snickers?
a. Demand for Snickers increases, and supply of Snickers decreases. b. Demand for Snickers and supply of Snickers both decrease. c. Demand for Snickers decreases, and supply of Snickers increases. d. Demand for Snickers and supply of Snickers both increase
Bill and Bev are playing the ultimatum game, starting with $50 . A coin flip results in Bev being the one to propose a division of the $50 . If Bev acts as economic theory assumes, she should propose that
a. she gets $30 and Bill gets $20. b. she gets $25 and Bill gets $25. c. she gets $24 and Bill gets $26. d. she gets $49 and Bill gets $1.