Use the following to answer questions 11-16:
-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 MB<MC
B) marginal revenue equals $2
C) the firm should hire the 7th worker as MB>MC
D) the firm should not hire the 7th worker as MB<TC
Correct Answer:
Verified
Q19: Use the following to answer questions 4-8:
Q20: Use the following to answer questions 4-8:
Q21: Use the following to answer questions 11-16:
Q22: Marginal cost is the _ cost of
Q23: A firm is thinking of hiring an
Q26: Marginal revenue
A)Is the additional revenue incurred by
Q27: Use the following to answer questions 11-16:
Q28: Which is not a fixed cost?
A)monthly rent
Q32: When economists speak of "marginal",they mean
A)Opportunity
B)Scarcity
C)Incremental
D)Unimportant
Q57: Use the following table to answer question
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