Neutral technical progress allows a firm to
A) produce more output with the same inputs.
B) use less capital to produce more output.
C) use less labor to produce more output.
D) produce the same amount of output with the same inputs.
A
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Consider the market for camera film. If more people start using digital cameras, which do not require film,
A) the supply curve of film shifts rightward. B) the demand curve for film shifts leftward. C) there is a movement up along the demand curve for film. D) there is a movement down along the demand curve for film. E) neither the demand curve nor the supply curve for film shifts; instead there is a movement along both.
Answer the question on the basis of the following information: Harry owns a barber shop and charges $6 per haircut. By hiring one barber at $10 per hour, the shop can provide 24 haircuts per eight-hour day. By hiring a second barber at the same wage
rate, the shop can now provide a total of 42 haircuts per day. Refer to the given information. The MP of the second barber is: A. $240. B. $108. C. 18 haircuts. D. 42 haircuts.