A cable television broadcast of a movie is
a. excludable and rival in consumption.
b. excludable and not rival in consumption.
c. not excludable and rival in consumption.
d. not excludable and not rival in consumption.
b
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Referring to Situation #1 suppose that you can now hire two workers. What is the opportunity cost of the second executive's work from the viewpoint of the company? Explain
What will be an ideal response?
Which of the following is false? a. An increase in labor productivity will shift the demand curve for labor to the right
b. An increase in wage will lead to an increase in the supply of labor. c. A decrease in the nonwage income of workers would shift the labor supply curve to the right. d. If job amenities deteriorate, it would lead to a reduction, or leftward shift, in the labor supply curve.
If the price of a service tripled and people consumed exactly the same quantity, how much is the elasticity of demand for that service?
What will be an ideal response?
The important characteristic of normative statements is that they
A) explain what really exists. B) are based on somebody's values and cannot be tested. C) explain what normally happens in the real world. D) help guide us to what will normally occur if some economic variable changes its value. E) do not use the ceteris paribus assumption.