Use the following to answer question
-If hiring the 7th worker increases total product by 5 units and the price of each unit is $2,
A) the firm should not hire the 7th worker as MR<MC
B) marginal revenue equals $2
C) the firm should hire the 7th worker as MR>MC
D) the firm should not hire the 7th worker as MR<TC
Correct Answer:
Verified
Q17: Total costs increase from $1,500 to $1,800
Q18: Total costs increase from $1,500 to $1,800
Q19: Use the following to answer question
Q20: If a firm produces 10 units,TC=$100.When the
Q21: If a firm produces 8 units of
Q23: Use the following to answer question
Q24: Managers undertake an investment only if
A)Marginal revenue
Q25: Use the following to answer question
Q26: If a firm produces 8 units of
Q27: The level of an economic activity should
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