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Ratling [72]
3 years ago
10

The productivity of labor in a firm has decreased due to the recent retirement of many of the firm’s most skilled workers. Assum

ing that the firm is a profit maximizer in a perfectly competitive situation, the firm will:
I. Increase the average wage.
II. Decrease the average wage.
III. Reduce the number of worker-hours it hires.
IV. Hire additional labor.
V. Increase the number of worker-hours it hires.

a. Statement I only.
b. Statement IV only.
c. Statements I and V only.
d. Statements II and III only.
e. Statement V only.
Business
1 answer:
PSYCHO15rus [73]3 years ago
6 0

Answer: The correct answer is "d. Statements II and III only.".

Explanation: Assuming that the firm is a profit maximizer in a perfectly competitive situation, the firm will:

- II. Decrease the average wage.

- III. Reduce the number of worker-hours it hires.

You might be interested in
Say that Alland can produce 32 units of food per person per year or 16 units of clothing per person per year, but Georgeland can
bixtya [17]

Answer:

Georgeland has an absolute but not a comparative advantage in producing clothing.

Explanation:

Absolute advantage is defined as the ability of a firm to produce higher amounts of a product as a result of use of the same resources with other competitors. It is usually bad a result of more efficient production process.

Comparative advantage is the ability of a firm to produce goods at a lower opportunity cost. Therefore they are able to sell at lower price compared to competitors.

Georgeland can produce 18 units of clothe per year while Alland can produce 16 units per year, so Georgeland has absolute advantage.

In producing clothes Georgeland has opportunity cost of 36 units of food which is higher than that of Alland which is 32 units of food. So Georgeland does not have comparative advantage in producing clothes.

3 0
2 years ago
Murphy Company sublet a portion of its warehouse for five years at an annual rental of $24,000, beginning on May 1, 2010. The te
jeka57 [31]

Answer:

Correct option is D.

Unearned Rent Revenue Dr. $16,000

Rent Revenue  $16,000

Explanation:

Provided that rent is received for a period of 1 year that is 12 months on May 1, 2010 amounting $24,000

Thus rent per month = $24,000/12 = $2,000 per month

Provided financial year = Calendar year

thus for the year 2010 rent revenue = 1 May to 31 December = $2,000 \times 8 = $16,000

Since revenue = $16,000 for the year and initially was recorded as unearned rent thus for the year $16,000 should be transferred to rent revenue.

For this entry shall be:

Unearned Rent Revenue Dr.           $16,000

         To Rent Revenue                   $16,000

Correct option is D.

7 0
3 years ago
What role do pawnshops playy in American economy
RUDIKE [14]
Getting rid of old stuff to people who want it instead of throwing it away.
4 0
3 years ago
A newspaper story on the effect of higher milk prices on the market for ice cream contained the following: "As a result [of the
antoniya [11.8K]

Answer:

The price elasticity of demand for icecream is -0.75, that means that is inelastic.

Explanation:

Price elasticity of demand measures the porcentage of the change in the demand when there is a change in the price. If the change in porcentage of the demand is less than the pocentage of change in the price we talk about inelastic demand. An increase in the price of inelastic goods will result in bigger revenues, as the porcentage in the drop of sales is less than the porcentage   of increase in the price.

The formula is: % in change demand/% in change of price

-3%/4= -0.75

The minus symbol indicates that when the price rises the demand decrease.

4 0
3 years ago
Jerome, Sheila, Gary, and Ella agreed to purchase a tract of land and make it available for use as a free playground for neighbo
lesya [120]

Answer:

Yes

Explanation:

The damages can be recovered as Jerome and Gary hung the playground swing improperly. A child was injured due to their negligent actions. The case will be on Meadowbrook Playground and not on the individual person who has committed the mistake. According to law, the damages can be recovered as the enterprise owned the whole property, and due to their carelessness in the installation of swing, the accident took place. The child's parent has every right to recover damages from the playground owner.

7 0
3 years ago
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