If a firm hires 12 workers at $9 per hour each and the 13th worker will be hired only if the wage rate falls to $8 per hour, the marginal wage rate must be
A. -$8.
B. $4.
C. -$4.
D. $8.
Answer: C
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The cost incurred from the production of an additional unit of a product
A) is called a loss. B) is called opportunity cost. C) must be zero for a firm to be efficient. D) is a marginal cost to the firm.
The three important functions of money are _____
a. medium of exchange, facilitation of trade, and unit of account b. unit of account, facilitation of trade, and store of value c. store of value, facilitation of trade, and double coincidence of wants d. facilitation of trade, medium of exchange, and unit of account e. medium of exchange, unit of account, and store of value
An employer's insurance program is set up so that employees have to opt out rather than opt in. This is an example of a(n):
A. encouragement nudge. B. pricing nudge. C. information nudge. D. advantageous default option nudge.
When applying the marginal principle, you should pick the level at which the activity's marginal benefit is less than its marginal cost.
Answer the following statement true (T) or false (F)