At the Pampered Pet Salon the marginal products of the first, second, and third workers are 50, 36, and 25 dogs washed, respectively. The total product (number of dogs washed) of the first two workers is
A. 11.
B. 50.
C. 86.
D. 111.
Answer: C
You might also like to view...
Which of the following best describes how a perfectly competitive industry would respond to a sudden increase in popularity of the product? The market demand curve would shift to the right, leading to:
A. a higher equilibrium price in the short run and a permanent increase in economic profit. B. a lower short-run equilibrium price due to the entry of firms into the market. C. a higher equilibrium price in the short run and entry into the market in the long run. D. no change in the short-run equilibrium price, and a higher long-run equilibrium quantity.
Interest earned on personal savings accounts is currently subject to taxation. What may happen to economic growth in the United States if Congress passes legislation exempting this interest from taxation?
Rupert is collecting unemployment insurance benefits. To continue to receive his benefits, he must be looking for work. Because he'd like to continue collecting benefits rather than take a job, he applies at places that are unlikely to hire him. People like Rupert make the reported unemployment rate less than it would otherwise be
a. True b. False Indicate whether the statement is true or false
Investment spending ____ during a recession, and _____ during an expansion
Fill in the blank(s) with the appropriate word(s).