A consultant interviews the hiring manager of a small, profit-maximizing firm. The manager explains that the firm used to have 15 employees but decided not to rehire when the most-recently-hired employee left the company, so the firm now has 14 employees. We can infer that
a. for the 15th employee, the wage exceeded the value of the marginal product of labor.
b. for the 15th employee, the value of the marginal product of labor exceeded the wage.
c. the firm is too small and should rehire to replace the 15th employee.
d. the firm is no longer attempting to maximize profits.
a
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Writer Thomas Friedman asserts that "America is the greatest engine of innovation that has ever existed and it can't be duplicated anytime soon, because"
A. of its extreme freedom of thought. B. of its emphasis on independent thinking. C. of its steady immigration of new minds. D. of all of the factors listed.
When government outlays exceed tax revenue, the situation is called a budget
A) with a negative balance. B) deficit. C) surplus. D) debt. E) with no balance.
Suppose the industry for washing machines has only four firms. The market shares are: Firm A, 40 percent; Firm B, 20 percent; Firm C 20, percent; and Firm D, 20 percent
a) What is the Herfindahl-Hirschman Index (HHI)? b) If Firms C and D were to announce a merger, would the Department of Justice oppose the merger?
Between the end of the Civil War and the beginning of World War I, the U.S. economy was not able to effectively absorb the millions of immigrants it received
Indicate whether the statement is true or false