All economic questions arise from the fact that resources are unlimited

Long-run economic growth requires all of the following except

A) government provision of secure property rights. B) political instability. C) technological change. D) increases in capital per hour worked.

Suppose a competitive firm is paying a wage of $12 an hour and sells its product at $3 per unit. Assume that labor is the only input. If the last worker hired produces four units of output per hour, then to maximize profits the firm should

A) hire another worker. B) not change the number of workers it currently hires. C) lay off some workers. D) There is not enough information to answer the question.