Figure 10.2 depicts a firm's marginal revenue product curve. If the wage rate is $15, how many workers will the firm demand?
A. four workers
B. five workers
C. six workers
D. seven workers
Answer: B
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Virtually all of the decline in labor force participation by elderly males is due to increased physical requirements of labor plus diminished health status
Indicate whether the statement is true or false
If we move along a production possibilities curve and choose more of one type of good, the opportunity cost is measured in terms of the amount of the other good that is given up
Indicate whether the statement is true or false
A merger between an automobile manufacturer and a maker of automobile tires is an example of a:
A. conglomerate merger. B. horizontal merger. C. vertical merger. D. tying contract.
How does a market system prevent people from getting as many goods and services as they wish?
A) Governments interfere with the market mechanism to influence the allocation of goods and services. B) In a market system, firms can charge any price they want, thus preventing poor people from getting as many goods and services as they wish. C) The market system allocates goods and services to those who are able to pay for those products and therefore income is a limiting factor. D) The government imposes taxes on those who earn beyond a certain amount of income.