If Nineteen Workers Are Each Paid $10 an Hour and Hiring

question 143

True/False

If nineteen workers are each paid $10 an hour and hiring the twentieth worker requires that all workers be paid $11 an hour, the marginal factor cost of the twentieth worker is $30.

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Definitions:

Panic of 1837

A financial crisis in the United States that led to a major recession lasting until the mid-1840s, triggered by a speculative fever and failure of banks.

Alexis de Tocqueville

A French political thinker and historian best known for his works "Democracy in America," examining the democratic revolution that he believed had been occurring over the previous several hundred years.

American Freedom

The ideal of liberty and rights that defines the ethos and foundational principles of the United States.

Panic of 1837

A financial crisis in the United States triggered by a speculative fever, leading to bank failures and a deep economic depression.