A production possibilities curve will shift inward
A) when the unemployment rate increases.
B) when production is inefficient.
C) when resources are expanding.
D) when a war destroys the capital goods of a country.
D
Economics
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If the cost of hiring workers increases but the marginal benefit remains unchanged, employers are likely to respond by hiring ________ at any given wage
A) more workers B) immigrant workers C) fewer workers D) teenaged workers
Economics
The output of a bakery is 250 loaves of bread, when 10 workers are employed. If one more worker is hired, the total output increases to 275 loaves
Given that labor is the only variable input that the bakery uses, and the market wage rate is $10, calculate the marginal cost when employment is increased from 10 to 11 workers.
Economics