The enjoyment or satisfaction people receive from consuming goods and services is called utility
Indicate whether the statement is true or false
TRUE
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Assume that a perfectly competitive firm hires workers from a perfectly competitive market for labor. The marginal product of a worker is 10 units per day
If the good that the worker produces is sold for $5, what is the maximum daily wage that should be offered to the worker?
Because it is
a. excludable but not rival in consumption, a sweatshirt is a club good. b. rival in consumption but not excludable, a sweatshirt is a club good. c. both excludable and rival in consumption, a sweatshirt is a private good. d. neither excludable nor rival in consumption, a sweatshirt is a public good.
The productivity gains from computer revolution appear to be small, possibly because we have not yet learned how to measure productivity in service sectors?such as banking, law, and medicine?that have benefited the most
Indicate whether the statement is true or false
Every day for the past two years you've had ham and cheese on a whole wheat bagel for lunch at Bungalow Bob's Bagel Boutique. However, the price of whole wheat bagels has risen by 10 cents so today you decide to have ham and cheese on a rye bagel. In this case, whole wheat and rye bagels are best considered:
A) superior goods. B) normal goods. C) substitute goods. D) complementary goods.