What is meant by the term "marginal change"?
What will be an ideal response?
A marginal change is a small, one unit change in value.
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Suppose Cassie's Candles is a profit-maximizing competitive firm. Cassie sells hand-made candles for $10 each. She will pay an hourly wage of $20 so long as the marginal productivity of a worker equals or exceeds two candles per hour
a. True b. False Indicate whether the statement is true or false
The base year is the year
a. in which prices are unstable. b. in which prices are lowest. c. in which prices are highest. d. that serves as a reference point or benchmark. e. in which nominal output is largest.
A recent outbreak of hepatitis was linked to a national fast-food restaurant chain. This is an example of a case in which
a. brand name identity increases the effectiveness of markets. b. brand name identity can be detrimental to the profitability of a firm. c. advertising is ineffective in salvaging perceptions of product quality. d. advertising cannot be used to establish brand loyalty.
After a tax, elastic supply and demand curves bring about ______.
a. more total surplus b. less change in output c. more deadweight loss d. less wasting of resources