The increase in output that is generated by an additional unit of input is called the:
A. input-output relationship.
B. production function.
C. marginal product.
D. resource product.
C. marginal product.
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Sarah initially used her cell phone mostly to make important business calls
However, when she was informed that henceforth her phone bills would be reimbursed by her employer, she started using her cell phone to make frequent calls to her friends and relatives. This behavior is an example of ________. A) moral hazard B) a negative externality C) the prisoners' dilemma D) the free-rider problem
Big Roads and Big Pavers are two competing road construction firms. The managers of these two firms should never undertake all of the following actions except which one?
A) agree to not submit a bid on a government road contract B) share information and experiences from implementing new government safety standards C) agree to only operate in a specific area of the country D) adjust the amount they bid on a government road contract
The industrial organization economics perspective locates the source of competitive advantage at the
a. Individual firm level b. Industry level c. Both a and b d. None of the above
Figure 4-11
The Russian government has restricted sugar availability to reduce the supply of illegal liquor (sugar is used to increase alcohol content). Russians also like to sweeten their tea with jam, another sugar product. Which graph in Figure 4-11 depicts the impact of sugar rationing on the Russian tea market?
a.
1
b.
2
c.
3
d.
4