The above table has the total product schedule for Joe's Barber Shop. Joe charges $6 per haircut. If the wage rate falls from $24 per worker to $12 per worker, the quantity of labor hired ________ and the new number of workers employed is ________
A) increases; 2
B) decreases; 2
C) increases; 5
D) increase; 3
C
You might also like to view...
The largest component of M2 is
A) savings deposits. B) currency. C) money market mutual funds. D) travelers checks.
All else equal, when a monopolist increases its price, revenue will fall because of the lost sales
a. True b. False
Fixing the insolvency problem caused by the Great Recession, the U.S. Federal Reserve as reluctant to purchase toxic assets from banks because:
a. It would transfer the problem to the Federal Reserve but might not solve the underlying causes. b. Toxic security purchases had to be funded, and the Fed already had a major debt problem. c.The Fed could be accused of nationalizing the U.S. financial system. d. All of the above.
The aggregate supply curve is the relationship between the price level and the quantity of real GDP purchased.
Answer the following statement true (T) or false (F)