What would most likely happen if Moe’s were to add a seventh worker?
a. Fixed costs would increase.
b. The marginal product of labor would improve.
c. Variable costs would decrease.
d. Bagel output would see little change.
d. Bagel output would see little change.
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Which of the following statements is true? a. Over time, when demand for health care continues to rise relatively more than supply, the cost of health care falls. b. Over time, when demand for health care continues to rise relatively more than supply , the cost of health care continues to rise. c. An increase in the demand for health care is accompanied by an outward shift in the supply curve
d. The price of health care rises either with a fall in demand or an increase in supply. e. The change in the demand for health care with no change in supply causes the price to fall continuously.
Refer to the table below. Which product is a normal good but least responsive to a change in income?
A. Product W
B. Product X
C. Product Y
D. Product Z
How is the wage to be paid to a worker determined by a profit-maximizing firm? If a marginal worker creates 8 units of a product in a month that is sold for $5 per unit, how much should be the maximum wage that should be paid to him?
What will be an ideal response?
Historically, government bonds have averaged a real return of about ________ percent, while a broad index of stocks generates a ________ percent return over the same period.
A. 7; 2 B. 2; 7 C. 12; 7 D. 7; 12