Seth is trying to decide how many workers is the optimal amount at his factory, which produces artisan-crafted grooming products. He observes the following: When there is one worker, 10 hairbrushes are produced daily. When there are two workers, 16 hairbrushes are produced daily. When there are three workers, 20 hairbrushes are produced daily.
What is the marginal product of the third worker?
Answer: 4 hairbrushes per day
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The Supreme Court has defined the offense of monopolization to
A) be when only one firm exists in an industry. B) occur when asymmetric information exists. C) include the possession of monopoly power and the willful maintenance of that power. D) be unfair acts in the practice of commerce.
In general, the more money in existence, the better it functions as a store of value
a. True b. False Indicate whether the statement is true or false
The supply curve shows: a. the same basic information as a demand curve
b. how the average cost of production varies with price. c. how the quantity supplied varies with price. d. how the quantity demanded varies with price.
If a sole proprietor is forced to liquidate and business debts exceed business assets,
a. the maximum liability of the proprietor is limited to the amount invested in the business b. the proprietor's business assets and only the financial portion of personal assets can be taken to cover business debts c. the proprietor has no liability for any of the business debts d. the proprietor's business and personal assets can be taken to cover business debts e. only the proprietor's profit from the business can be used to cover business debts