Refer to Table 1-2. What is Julius's marginal benefit if he decides to stay open for three hours instead of two hours?
A) $15 B) $25 C) $65 D) $80
A
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When there are external costs of production, such as when electric utilities burn coal, a competitive market will produce an inefficient level of output
Indicate whether the statement is true or false
If the price of a product is expected to increase in the future, the supply today will increase
Indicate whether the statement is true or false
If the demand for a monopolist's product increases, its
A) marginal revenue increases, making it more profitable to hire more workers. B) marginal revenue increases, making it more profitable to hire fewer workers. C) marginal revenue decreases, making it more profitable to hire more workers. D) marginal revenue decreases, making it more profitable to hire fewer workers.
The following is an example of adverse selection
a. A majority of those applying for well paid jobs are well qualified b. More reckless drivers opt for cars with more safety devices c. Individuals living in less secure neighborhoods want to buy less insurance d. Individuals with a strong family history of heart diseases opt to buy less insurance