Refer to the above table. Suppose the price of the good sold is $10 and the marginal factor cost of labor is $70, how many units of labor will the firm hire?

A. 10
B. 13
C. 12
D. 11

Answer: B

Economics

You might also like to view...

Which part of this definition for GDP is incorrect? GDP measures the:

a. Wholesale value of, b. All final goods and services, c. Produced for the market, d. By domestically owned or foreign-owned resources, e. within a nation's geographic borders.

Economics

Refer to Figure 1.7. Which of the following points are unattainable, ceteris paribus?

A. G. B. F. C. E. D. N.

Economics