« previous next »

Author Question: Suppose a firm is a price searcher in the product market and hires labor in a perfectly competitive ... (Read 114 times)

rayancarla1

  • Hero Member
  • *****
  • Posts: 571
on: Jun 30, 2018
Suppose a firm is a price searcher in the product market and hires labor in a perfectly competitive labor market. If the wage rate is 20, the marginal product of the last worker hired is 5, and the firm is hiring the profit-maximizing amount of labor, then the marginal revenue from the last unit of output must be
 a. 1
  b. 1.50
  c. 4
  d. 5
  e. 20

Question 2

Which of the following responses to a positive externality enhances society's welfare?
 a. taxes
  b. subsidies
  c. effluent fees
  d. quotas
  e. a cut in funding


allisonblackmore

  • Sr. Member
  • ****
  • Posts: 330
Reply #1 on: Jun 30, 2018
Answer to Question 1

C

Answer to Question 2

B


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
« previous next »
 

Did you know?

Hippocrates noted that blood separates into four differently colored liquids when removed from the body and examined: a pure red liquid mixed with white liquid material with a yellow-colored froth at the top and a black substance that settles underneath; he named these the four humors (for blood, phlegm, yellow bile, and black bile).

Did you know?

The newest statin drug, rosuvastatin, has been called a superstatin because it appears to reduce LDL cholesterol to a greater degree than the other approved statin drugs.

Did you know?

There are major differences in the metabolism of morphine and the illegal drug heroin. Morphine mostly produces its CNS effects through m-receptors, and at k- and d-receptors. Heroin has a slight affinity for opiate receptors. Most of its actions are due to metabolism to active metabolites (6-acetylmorphine, morphine, and morphine-6-glucuronide).

Did you know?

The average human gut is home to perhaps 500 to 1,000 different species of bacteria.

Did you know?

Women are 50% to 75% more likely than men to experience an adverse drug reaction.

Competitive inhibition Competitive inhibition
Child Labor Rates and GDP Worldwide Child Labor Rates and GDP Worldwide
A slave market in Marrakesh, Morocco. This lithograph is from the 1800s. A slave market in Marrakesh, Morocco. This lithograph is from the 1800s.
Gently squeeze/milk the arm with twisting motion. With oil or lotion on hands, use gentle but firm ... Gently squeeze/milk the arm with twisting motion. With oil or lotion on hands, use gentle but firm ...
Strategic Management and Competitive Advantage: Concepts and Cases, 6th Edition Strategic Management and Competitive Advantage: Concepts and Cases, 6th Edition
Markets and Institutions Market Story Problem Markets and Institutions Market Story Problem
Video: Steps of glucose catabolism

For a complete list of videos, visit our video library