Question 6: Saul Goodman is a lawyer who needs to hire workers to help him shred

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Question 6: Saul Goodman is a lawyer who needs to hire workers to help him shred his clients' sensitive documents. Ceteris paribus, it is only profit maximizing for Saul to hire additional workers when C 1) the marginal benefit of each worker hired is positive C 2) the marginal cost of each worker hired is above zero C 3) the marginal benefit of each worker hired is less than or equal to the marginal cost of each worker C 4) the marginal benefit of each worker hired is greater than or equal to the marginal cost of each worker hired hired Question 13: A firm will not hire an additional worker if C 1) the value of the marginal product of the additional worker is positive C2) the marginal factor cost of the additional worker is greater than zero C 3) the value of the marginal product of the additional worker is less than the marginal factor cost of the additional worker C 4) the value of marginal product of the additional worker is greater than the marginal factor costs of the additional worker Question 14: Ceteris paribus, which of the following is most likely to result in a permanent market shortage of Jedi Knights? C 1)The Jedi Council reduces the number of Padawans (Jedi Knight Apprentices) it trains each year C2) In response to higher wages for Sith Lords (alternative career paths for Jedi Knights), some Jedi turn to the Dark Side and become Sith Lords instead of Jedi Knight:s. C 3) The Jedi Council imposes a salary cap that is below the market salary for Jedi Knights C 4) The fight against the Empire generates an increase in the demand for Jedi Knights Question 16: The equilibrium wage in the market for plumbers is $30/hour. Now, the government imposes a minimum wage of S35/hour. This will C 1 increase in the demand for plumbers C 2) increase the supply of plumbers. C 3) create a shortage of plumbers. C 4) create a surplus of plumbers.

Explanation / Answer

6.D) profit maximizing for a firm to hire additional workers when the marginal benefit is greater than or equal to marginal cost of each worker hired.

13.C) Firm will not hire an additional worker if the marginal benefit of the additional worker is less than the marginal cost of the additional worker.
14.D) an increase in the demand for Jedi knights will make excess demand lead to a permanent market shortage.
16.D) the equilibrium wage in the market for plumbers is $30/hour. now, the government imposes a minimum wage of $35/hour this will create a surplus of plumbers. because an increase in minimum wage will reduce the demand for plumbers

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