An increase in the demand for automobiles will increase the demand for labor used to produce the automobiles due to
a. an increase in the marginal revenue product of labor.
b. a decrease in the marginal revenue product of labor.
c. an increase in the marginal revenue product of automobiles.
d. a decrease in the marginal revenue product of automobiles.
e. a decrease in the price of automobiles.
A
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Krystal runs a nail salon and needs to decide how many hours to stay open. Table 2.2 illustrates her marginal costs of staying open for each additional hour. Suppose that Krystal's marginal benefit of staying open per hour is $18
If she is following the marginal principle, how many hours should Krystal stay open? A) 3 hours B) 4 hours C) 6 hours D) 7 hours
When the U.S. dollar depreciates against the yen, the yen ________ and the exchange rate ________
A) appreciates; rises B) depreciates; rises C) appreciates; falls D) depreciates; falls
In neoclassical growth theory, technological progress is the key to continuous growth in labor productivity
Indicate whether the statement is true or false
Refer to Figure 4-3. If the market price is $2.50, what is the maximum number of ice cream cones that Kendra will buy?
A) 1 B) 2 C) 3 D) 4