The curve formed by plotting the value of the marginal product for workers against quantity of labor is:
A. downward sloping.
B. upward sloping.
C. perfectly elastic, for competitive firms.
D. perfectly inelastic.
A. downward sloping.
Economics
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If the Boston Red Sox baseball team is currently charging a ticket price where its demand is inelastic, then the Red Sox's marginal revenue is
A) negative. B) positive. C) zero. D) maximized. E) undefined.
Economics
The above figure shows supply and demand curves for apartment units in a large city. If the city government passes a law that establishes $350 per month as the legal maximum rent, consumer surplus will be
A) a. B) a + b + f. C) a + b + c. D) a + b + c + f + g.
Economics