The marginal cost of hiring the 4th worker is
a. $40
b. $100
c. $20
d. $0
a
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To maximize profit, a monopolist should produce the level of output at which
a. price equals marginal cost b. price equals marginal revenue and marginal cost c. price equals marginal revenue d. marginal revenue equals marginal cost e. price equals average total cost
You have won a lottery prize that promises to pay you and your descendants $1,000 a year forever. If the lowest price you are willing to sell this perpetuity for is $20,000, then you must be assuming that the relevant interest rate is
a. 5% b. 10% c. 15% d. 20%
A price increase from $43 to $49 results in an increase in quantity supplied from 220 units to 240 units. The price elasticity of supply in this price range is
What will be an ideal response?
In the long run, monopolistic competitive firms are considered to be operating inefficiently because their
A. average total costs are not at a minimum. B. marginal costs are rising. C. economic profits are positive. D. economic profits are zero.