According to the above table, if the marginal revenue product is $24, how many workers will the profit maximizing monopsonist hire?

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 $30

If she is following the marginal principle, how many hours should Krystal stay open? A) 4 hours B) 5 hours C) 6 hours D) 7 hours

Which of the following statements best describes the study of economics? Economics studies how

A) to organize production so that scarcity does not occur. B) firms make profits. C) we make choices in the face of scarcity. D) to create incentives so that scarcity does not exist. E) businesses reach decisions.