Which of the following is an example of a worker experiencing frictional unemployment?
A) A computer programmer loses her job because it is outsourced to India.
B) An employee is laid off because the economy is suffering a recession.
C) A worker quits his job at the Post Office to find more interesting work.
D) A United Airlines pilot loses her job because of lack of demand for air travel.
C
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The marginal revenue product
A) represents the incremental contribution to the firm's total revenues obtained from an increase in a variable input. B) always increases when there is an increase in a variable input. C) gives the increase in cost when there is an increase in a variable input. D) gives the change in total product when an additional unit of a good is hired.
If substantial economies of scale exist, setting price = MC will
a. result in a loss for the firm b. result in an excess profit earned c. yield a normal profit d. cause the firm to produce more than the optimal number of goods e. cause the firm to charge lower than the optimal price