http://tinypic.com/view.php?pic=9ape82&s=5 In the figure above, a shift from S1

Question

http://tinypic.com/view.php?pic=9ape82&s=5

In the figure above, a shift from S1 to S2 might be caused by
a. an increase in the demand for labor
b. a minimum wage set at W4
c. a decrease in the non monetary benefits
d. an increase in the wage rate
e. a decrease in the wage rate

After hiring 15 units of the variable input, labor, a firm determines the MFC to be $40 and the MRP to be $30. The firm should
a. increase the output of its product
b. Cannot be determined from the information given
c. increase the use of labor
d. produce 15 units
e. decrease the use of labor

Explanation / Answer

1. C

2. A

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