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Author Question: Suppose a firm is a price searcher in the product market and hires labor in a perfectly competitive ... (Read 113 times)

rayancarla1

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  • 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

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Reply #1 on: Jun 30, 2018
Answer to Question 1

C

Answer to Question 2

B


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