The marginal product of labor is calculated assuming other factor inputs
A. decrease.
B. increase less than proportionately.
C. remain constant.
D. increase more than proportionately.
Answer: C
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The smallest single component of M1 is
A) other checkable deposits. B) traveler's checks. C) savings account balances. D) demand deposits.
If the supply curve decreases while the demand curve remains unchanged, the equilibrium price would decrease
a. True b. False Indicate whether the statement is true or false
We know that increases in population increase the market demand for various goods. The prices of those goods will increase the most if the elasticity of supply is
a. very large b. equal to one c. greater than 3 d. very small e. finite
Diane's Auto World installs tires on automobiles, light trucks, and sport utility vehicles. She is a profit-maximizing business owner whose firm operates in a competitive market. The marginal cost of installing a tire is $20 . The marginal productivity of the last worker that Diane hired was 2 tires per hour. What is the maximum hourly wage that Diane was willing to pay the last worker hired?
a. $10 b. $20 c. $40 d. There is insufficient information to answer this question.