Sam, who owns a carpentry shop, discovered that with 4 laborers he could produce 18 cabinets per day. With 5 laborers he produced 25 cabinets and with 6 laborers he produced 36 cabinets. What was the MPP of the 5th laborer?

Besides world trade growth, what can explain the growth of international banking since the 1960s?

A) war in the Middle East B) government focus on banking regulation. C) an increase in world travel. D) the emergence of developing countries like China. E) desire of depositors to hold currencies outside the jurisdiction of the countries that issue them

If in the short run, at the profit maximizing level of output, the average revenue curve of a competitive firm lies above the average cost curve then:

a. the firm is incurring losses. b. the firm is just able to cover its total cost. c. the firm enjoys above-normal profits. d. the firm must shut down. e. the firm is barely able to cover its variable costs.