The above table has the total product schedule for Joe's Barber Shop. Joe charges 6 per haircut. If the wage rate falls from 24 per worker to 12 per worker, the quantity of labor hired ________ and the new number of workers employed is ________.
A) increases; 2
B) decreases; 2
C) increases; 5
D) increase; 3
Question 2
A monopolistically competitive firm will always choose to produce where
A) marginal revenue equals marginal cost.
B) marginal cost meets the demand curve.
C) average total cost meets the demand curve.
D) average total cost is minimized.
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