One baker can bake 15 pies in a day. Two bakers can bake 35 pies in a day. If the marginal revenue product of hiring the second baker is $200, then in a perfectly competitive product market
a. each pie sells for $10.
b. there are diminishing marginal returns.
c. there are decreasing economies of scale.
d. they are operating in a constant cost industry.
e. the marginal cost of production is $200.
A
Economics
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An employee who prepares checks and submits them with supporting documents to the official authorized to sign checks should not be responsible for mailing the signed checks.
a. true b. false
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