On the Heritage Foundation's scale of "Economic Freedom," which of the following factors contribute to "Economic Freedom"?
A. high tariffs to protect domestic jobs
B. a vibrant labor union movement
C. a guaranteed minimum wage
D. a legal system conducive to business
Answer: D
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If a firm hires 200 workers and produces 5,000 computers. If the firm hires one more worker, it produces 5,050 computers. If computers sell at a constant price of $100 and labor is hired at a constant wage rate of $4,000 per worker
A) the firm should hire and retain the additional worker. B) the marginal factor cost of labor is $4,000. C) the marginal revenue product of the added worker is $5,000. D) all of the above.
Suppose the table below describes the relationship between price and quantity demanded for a monopolist.QuantityPrice1$102$93$84$75$66$57$48$3 If the marginal cost of producing each unit of output is $5, then the socially optimal level of output is ________.
A. 3 units B. 4 units C. 7 units D. 6 units