A firm currently has 5 workers each paid $15 per hour. If it decides to hire a 6th worker, the hourly wage increases to $18 for all workers. What is the marginal cost of hiring the 6th worker?
a. $3
b. $18
c. $15
d. $33
d
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How does a dominant strategy equilibrium occur in a simultaneous move game?
What will be an ideal response?
Refer to Figure 5-5. If, because of an externality, the economically efficient output is Q2 and not the current equilibrium output of Q1, what does D1 represent?
A) the demand curve reflecting social benefits B) the demand curve reflecting the sum of private and social benefits C) the demand curve reflecting private benefits D) the demand curve reflecting external benefits
After being introduced in 1999, the euro
a. increased in value through 2008. b. decreased in value through 2008. c. increased in value through 2000 but then decreased in value through 2008. d. decreased in value through 2000 but then increased in value through 2008.
As the supply of virtual currency unit 4 (VCU4) rises, nations in which it is used can gradually lose control over their:
a. Monetary bases. b. M2 money multipliers. c. M2 money supplies. d. None of the above.