The above table shows the total product schedule for Hair Today, a hair styling salon. Based on the table, the marginal product for Hair Today
A) never reaches a maximum.
B) decreases after the 1st worker.
C) reaches a maximum with the 4th worker.
D) reaches a maximum with the 3rd worker.
E) reaches a maximum with the 5th worker.
D
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Which of the following terms refers to price elasticity of demand calculated over a range of prices?
A. Unit elasticity B. Cross-price elasticity of demand C. Point elasticity of demand D. Arc elasticity of demand
In a competition of financial analysts vs. throwing a dart to choose stocks, according Burton Malkiel, financial analysts came out ahead due to all of the following reasons EXCEPT:
A) it considered only stock prices, not dividends B) investors that followed the contest were influenced to purchase the stocks recommended by the analysts C) failure of the Efficient Markets Hypothesis D) part of the return for the analysts resulted from compensation for the higher risk of the stocks chosen