Which of the following statements is true regarding the opportunity cost of time?
a. Retired people are more likely to visit supermarkets than farmers' markets.
b. Students are more likely to visit farmers' markets even during exams.
c. Working professionals are more likely to frequent convenience stores.
d. The opportunity cost of time for farmers and buyers participating in the farmers' market is usually very high.
C
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In the figure above, what is the MPC?
A) 0.75 B) 1.00 C) 0.50 D) 0.80 E) 0.90
Doug's Dog Grooming is a perfectly competitive firm charging $5 per dog grooming
Doug's Dog Grooming has the total and marginal product of labor schedules in the above table and can hire workers from a perfectly competitive labor market for $15 per hour. What is the value of marginal product of the third worker? A) $5 B) $25 C) $15 D) $375