Refer to the above table. Suppose the marginal revenue product of the 5th worker is $800. This implies that
A) the price of the good is $5.33.
B) the price of the good is $8.
C) the price of the good is $70.
D) we cannot tell what the price of the good is without more information.
B
Economics
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A surplus tends to put ________ pressure on the price of the product, which ________ the quantity demanded
A) upward; increases B) upward; decreases C) downward; increases D) downward; decreases
Economics
According to the public-choice view,
a. laissez-fare is always the best economic policy. b. macroeconomic policymakers are only interested in the social good. c. policymakers often act in irrational ways or out of ignorance. d. politics often trump economic theory in policymaking. e. both c and d.
Economics