The table above shows the total product schedule for The X Firm. The average product of labor is maximized at ________ workers because ________
A) 4; productivity is maximized when the 4th worker is employed
B) 3; output starts to decrease with the 4th worker
C) 5; output is maximized with the 5th worker
D) 4; the marginal product of labor is increasing with the 4th worker
E) 5; the APL exceeds the MPL for the 5th worker
A
Economics
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Refer to Table 4-8. If a minimum wage of $10.50 an hour is mandated, what is the quantity of labor supplied?
A) 400,000 B) 370,000 C) 340,000 D) 60,000
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An increase in the amount of resources would shift the long-run aggregate supply curve:
A) rightward. B) leftward. C) no shift. D) none of the above.
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