Gary has to decide between attending a two-day art workshop and a four-day art worksho
A) optimization in levels.
B) optimization in differences.
C) ordinal analysis.
D) comparative statics.
B
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Wally's Widgets currently hires 8 workers. The average product of labor is 15 widgets per day, and the marginal product of a 9th worker is expected to be 13 widgets per day
If the firm hires the 9th worker, what will happen to the average product of labor? Explain.
With a deficit in our balance of payments, there is an excess __________ dollars in the foreign exchange market, causing the dollar to __________
A) demand for; appreciate B) demand for; depreciate C) supply of; appreciate D) supply of; depreciate
In the short run, finding the optimal amount of variable input involves which relationship?
A) MP = MC B) AP = MP C) MP = 0 D) MRP = MFC
Which of the following firms have market power?
A. private universities B. fast food chains such as McDonald's C. theme parks D. All of these have market power.