Other things equal, the wage rate will be higher in a job that requires close monitoring by a supervisor since few individuals are eager to work in such an environment
a. True
b. False
A
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The reservation value of a seller reflects her ________
A) willingness to pay for using a resource B) marginal cost C) marginal revenue D) total cost
If you are running a winery and you need one bottle for every 750ml of wine, then your production function
A) is inefficient. B) is considered "fixed-proportion." C) will have a diminishing marginal rate of technical substitution. D) has downward-sloping, straight line isoquants.
Assume that the initial demand and supply curves in the above figure are DA and SA, respectively. The initial equilibrium price and quantity are
A) P1 and E. B) P3 and F. C) P1 and G. D) P2 and F.
Number of WorkersUnits of Output001402903126415051656180Refer to the above data. The marginal product of the sixth worker is:
A. negative. B. 180 units of output. C. 15 units of output. D. 30 units of output.