Consider a perfectly competitive firm that produces computers. Each additional worker at this firm can produce four computers. Calculate the marginal factor cost if the computers are sold for 1,000 each, and the firm is maximizing profit. (Assume that marginal revenue product is the product of marginal product of the input and the marginal revenue of the firm.)
a. 4,000
b. 500
c. 1,000
d. 1,500
e. 400
Question 2
What do you mean by the term 'equilibrium wage'?
a. It is the wage that is determined when potential employers and potential employees are free to transact as they wish.
b. It is a wage determined by the government with an intention to narrow the gap between the higher and the lower income groups.
c. It is a wage at which the workers refuse to offer labor.
d. It is a minimum possible rate that an employer must pay in order to hire a labor.
e. It is a wage at which there is an excess supply of workers.
Faulty outlooping produces lambda phage containing bacterial DNA
Faulty outlooping produces lambda phage containing bacterial DNA
J. P. Morgan, the financial genius, staved off ruinous competition among steel firms by combining mo
SOHC engines usually require additional components such as a rocker arm to operate all of the ...
An additional extension may be necessary to hoist a truck or van equipped with running boards to ...
Competitive inhibitor