Haley has 20 hours to devote to work or leisure. If she wants to increase her income, she must increase both her labor and leisure hours at the same time
a. True
b. False
Indicate whether the statement is true or false
False
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Under ________ there are many firms selling identical products
A) perfect competition B) monopolistic competition C) oligopoly D) monopoly
If it costs $8 to produce a certain product and the product sells for $9, then
a. the markup is approximately 11.1 percent b. the market for this product must be monopolistic c. the markup is $1 d. firms in this industry should shut down to minimize their losses e. the revenue gained from the last unit produced is $1
Suppose a company sells its product for $5.00 . It's industrial engineers have informed management that hiring one additional worker will increase output by five units per hour. The company should hire the additional worker only if the wage rate is
a. $5.00 or less per hour. b. $1.00 or more per hour. c. $25.00 or less per hour. d. none of the above.
Holding all other forces constant, if increasing the price of a good leads to an increase in total revenue, then the demand for the good must be
a. unit elastic. b. inelastic. c. elastic. d. None of the above is correct because a price increase always leads to an increase in total revenue.