A profit-maximizing farmer will apply additional units of fertilizer until the marginal revenue product (MRP) of fertilizer is half the MRP of skilled labor when a unit of fertilizer
a. costs twice as much as a unit of skilled labor.
b. costs half as much as a unit of skilled labor.
c. is half as productive, on average, as a unit of skilled labor.
d. is twice as productive, on average, as a unit of skilled labor.
B
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Suppose a person cashes his payroll check and holds all the funds in the form of currency. Everything else held constant, total reserves in the banking system ________ and the monetary base ________
A) remain unchanged; increases B) decrease; increases C) decrease; remains unchanged D) decrease; decreases
After paying admission and entering King's Island Amusement Park near Cincinnati, Alan Fujiwara sees a list of waiting times for each attraction and ride. At this point, Alan's marginal dollar cost is
a. zero and so are the marginal time costs of each attraction or ride b. zero, so he will base his next move on the marginal time costs of each attraction or ride c. greater than zero based on the admission price, so he will base his next move on the marginal time costs of each attraction or ride d. greater than zero based on the admission price, so he will ignore the marginal time costs of each attraction or ride e. less than zero and so are the marginal time costs of each attraction or ride