question
If a firm could hire all the workers it wanted at a zero wage (i.e. the workers are unpaid interns), the firm should hire:
answer
Enough workers to produce at the level of output where the MPP equals zero
question
If one additional worker costs $40 per hour and has a MPP of 50 units of output per hour, marginal cost is:
answer
$0.80
question
In the short run, when a firm produces zero output, Total Cost equals:
answer
The value of Fixed Costs.
question
If the Marginal Cost curve is rising, then which of the following must be true?
answer
Total Costs must be rising.
question
Which of the following statements about the relationship between economic costs and accounting costs is true?
answer
Accounting costs are always less than or equal to economic costs.
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