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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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.
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.