The marginal products of the first, second, and third workers are 50, 34, and 22, respectively. If four workers can produce 116 units of output, then the marginal product of the fourth worker is
A. 10.
B. 12.
C. 22.
D. 116.
Answer: A
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The concentration ratios for various industries in the United States are comparable to those in other modern industrial economies
Indicate whether the statement is true or false
A country is likely to have a comparative advantage in a land-intensive activity if it has a:
A. large amount of capital equipment relative to its population. B. large population relative to its landmass. C. lot of land relative to its population. D. higher opportunity cost of producing technology.
Which would increase aggregate supply?
a. A decline in productivity b. An increase in business regulation c. A decrease in the capital stock d. Lower business taxes
The economic analysis of monopolistic competition shows that market forces eliminate profits in the long run. However, it is possible for a firm to continue to earn economic profits if the firm
A) expands its marketing budget. B) adopts new technologies that enable it to lower its cost of production. C) expands its product offerings to appeal to a wider range of consumers. D) reduces its price to expand its market.