In the above table, what is the marginal factor cost of the 6th worker?
A) $30
B) $18
C) $120
D) $20
A
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The figure above shows the demand for and supply of labor of students in Smallville. If the minimum wage is set at $4 per hour, how many hours of students' labor are unemployed?
A) 12,000 hours B) 9,000 hours C) 6,000 hours D) 0 hours
Producer surplus is the difference between ______.
a. what a producer is paid for a good and the cost of producing one unit of that good b. what a consumer is willing and able to pay for one unit of a good and the price actually paid c. the profit a producer makes and the profit remaining after taxes are paid d. the number of goods produced and the number of goods sold
"For-benefit" corporations are created to pursue multiple goals, such as profitability, social responsibility, and value for the broader society. These firms provide examples of:
A. long-run efficiency. B. technical inefficiency. C. non-entrepreneurial thinking. D. social entrepreneurship.
Refer to the above graph. A decrease in supply would best be reflected by a change from:
Point 2 to point 1 Point 3 to point 6 Point 5 to point 2 Point 5 to point 1