If one worker can pick $30 worth of grapes and two workers together can pick $50 worth of grapes, the
A. marginal revenue product of each worker is $25.
B. marginal revenue product of the second worker is $20.
C. marginal revenue product of the first worker is $20.
D. data given does not permit the determination of the marginal revenue product of either worker.
Answer: B
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A game's outcome is a Nash equilibrium when
a. any attempt to improve one player's payoff will lower the other player's payoff. b. neither player wants to change his strategy, given the strategy chosen by the other player. c. the total payoff to the players is as large as possible. d. the first player has selected his strategy taking the second player's optimal response into account.
How can a corporation's board of directors and its managers try to reduce the principal-agent problem?
What will be an ideal response?
The United States has had a long history of work time lost due to worker strikes. This trend has
a. increased over time. b. decreased over time. c. stayed relatively constant during the past century. d. been less of a problem compared to other countries such as Japan.
A hilly, public golf course is often used by sledders in the winter. One of the sledders was quoted as saying, "This is public property, so we have just as much a right to be on these hills as anyone else. Besides, when it snows, golfers can't use the course anyway. Sledding doesn't harm anything." Is he correct? Why or why not?