In the above table, if this is a perfectly competitive firm and the market price of the product is $8, what is the marginal revenue product of worker 3?

Generally, long-run elasticities of supply are

A) greater than short-run elasticities, because existing inventories can be exploited during shortages. B) greater than short-run elasticities, because consumers have time to find substitutes for the good. C) greater than short-run elasticities, because firms can make alterations to plant size and input combinations to be more flexible in production. D) smaller than short-run elasticities, because the firm has made long-term commitments it cannot easily modify. E) the same as short-run elasticities, because technology is not assumed to change in the long-run adjustment process.

Which of the following provides health-care coverage to people age 65 and over?

A) Medicaid B) Medicare C) Social Security D) Health-Aid