Number of EmployeesTotal Output16211315418520Table 16.2 Table 16.2 gives the number of oil changes that can be performed at a local oil change business based on the number of employees hired. If the price of an oil change is $20, what is the marginal revenue of the third employee?
A. $80
B. $5
C. $360
D. $40
Answer: A
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Urban traffic moves as effectively as it does because
A) all drivers have the same attitudes regarding courtesy, safety, and speed. B) drivers are usually concentrating intently on their own narrow goals. C) insurance does not cover all the costs of an accident. D) drivers take other drivers' specific goals and interests into account. E) police are able to enforce the city's traffic plan.
Which of the following statements is true of the cross-price elasticity of demand?
A) The cross-price elasticity of demand between substitutes is zero. B) The cross-price elasticity of demand between complements is zero. C) The cross-price elasticity of demand between substitutes is negative. D) The cross-price elasticity of demand between complements is negative.
When the average price of videocassette recorders (VCRs) falls, the result is
A. an increase in the quantity of VCRs demanded. B. an increase in the quantity of VCRs supplied. C. a decrease in the quantity of VCRs demanded. D. an increase in supply of VCRs.
Calculate the APC.
