In the table above, the value of marginal product of the third unit of labor is
A) $3.
B) $4.
C) $12.
D) $16.
C
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In a duopoly with a collusive agreement and in a one-time only game, a firm's profit is largest if it ________ the agreement and if the other firm ________ the agreement
A) complies with; complies with B) complies with; cheats on C) cheats on; complies with D) cheats on; cheats on
Which of the following statements is true?
A. A tax applied to an activity that generates a negative externality always brings about the socially optimal level of output. B. A subsidy applied to an activity that generates a positive externality always brings about the socially optimal level of output. C. a and b D. none of the above
Jim recently graduated from college. His income increased dramatically;from$5000 a year to $60,000 a year. Jim decides that instead of using the bus, he would buy a car. This implies that
a. The car is a normal goods for Jim b. The car is an inferior goods for Jim c. The bus and the car are complementary for Jim d. Need information on the price of cars
A worker's accumulated investment in education, training, experience, and health is called:
a. derived labor demand. b. collective entrepreneurship. c. seniority. d. human capital.