In the above table, if this is a perfectly competitive firm and the market price of the product is $8, what is the marginal revenue product of worker 3?
A. $240
B. $96
C. $80
D. $88
Answer: B
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The reserve demand schedule is drawn on a graph that has the quantity of reserves on the horizontal axis and
a. the price level is on the vertical axis. b. the federal funds rate is on the vertical axis. c. the price of bonds is on the vertical axis. d. income is on the vertical axis.
The law of supply indicates that, all else held constant,
A. producers will be willing and able to offer more of a product at high prices than at low prices. B. producers will be willing and able to offer more of a product at low prices than at high prices. C. the product supply curve is downward-sloping. D. consumers will be willing and able to purchase less of a good at high prices than at low prices.
Amy can produce either 5,000 pounds of cheese or 20 cars per year. Mike can produce either 5,000 pounds of cheese or 10 cars per year. Amy has a comparative advantage in producing ________, and Mike has a comparative advantage in producing ________.
A. cheese; cheese B. cars; cars C. cheese; cars D. cars; cheese
A decrease in dividend payments will
A. lead to a decrease in labor supply. B. lead to an increase in labor supply. C. have no effect on labor supply. D. either lead to an increase or decrease in labor supply depending on the relative magnitude of the income and substitution effects.