As a firm hires more and more workers:
A) the value of marginal product of the additional workers eventually increases.
B) the marginal product of the additional workers remains the same.
C) the value of marginal product of the additional workers remains the same.
D) the value of marginal product of the additional workers eventually decreases.
D
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In the above figure, a(n) ________ would be set ________
A) effective minimum wage; above $6.00. B) union wage; above $9.00 but would not affect the natural rate of unemployment. C) efficiency wage; below $9.00 D) efficiency wage; above $6.00. E) efficiency wage; above $9.00 and would increase the natural rate of unemployment
In 2012, all of fast-food chains expanded their hours of operation, with nearly 40% of all McDonald's restaurants being open 24 hours per day. This strategy was aimed at increasing sales because:
A) it was estimated that nearly one-fifth of all employed Americans worked primarily in the evening contributing to the demand for fast-food in late hours. B) it was estimated that consumers who shop at night tend to be more price sensitive. C) it was believed that longer hours of operation would lead to greater brand loyalty. D) none of the above.