Answer:
3 workers
Explanation:
At optimal point, wage = Price * Marginal Product of Labour (MPL)
When 3 workers are employed,
Since wage is given = 25
And price = 4
When 3 workers are hired, wage is close to price * MPL because wage = 25 and p*MPL = 24
OR
salary paid = $25*3 = $75
Revenue generated = 24*$4= $96
This combination provides the best profit margin which is 96 - 75 = $21.
Answer: Market Economy
Explanation:
A country in which the economic decisions are majorly controlled by individuals or private companies is a market economy.
A market economy is an economic system where there is very little government interference which is in the form of regulations, the economy is controlled mainly by private individuals and production is determined by the forces of demand and supply.
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Answer:
Gross national product is the market value of all the products and services produced in one year by labour and property supplied by the citizens of a country.
This is an example
of kickbacks. This is a type of negotiated inducement in which a
commission is remunerated to the bribe-taker in payment for services accomplished.
In general, the payment for cash, goods, or services handed over is discussed in
advance or ahead of time.
