Assume that Sweden will specialize in either boats or cars. What is their opportunity cost of producing three cars?
2 boats
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A factory urgently needs to hire some workers. The factory owner is willing to pay a wage of $15 per hour to responsible workers and is unwilling to hire workers who require constant monitoring
On average, he expects 5 out of 10 workers who have come for an interview to be sincere. How much should he offer to pay the workers he hires? A) $15 per hour B) $7.50 per hour C) $10 per hour D) $8 per hour
A competitive equilibrium is efficient in the production and exchange of two goods X and Y when
A) MRSXY = MRTLK (where L = labor input and K = capital input). B) MRTXY = MRSLK (where L = labor input and K = capital input). C) MRSXY = MRTXY. D) MCX/MCY = PY/PX.
Copier Repairs When Kodak leased large photocopiers to businesses, they also bundled a maintenance contract for periodic repairs. Third-party repair firms claimed that Kodak violated antitrust laws because this bundle guaranteed Kodak a monopoly on repairs and excluded competitors' access. Why might the bundle have created value over what third-party repair shops could offer?
Lower prices are a signal of the scarcity of a resource.
Answer the following statement true (T) or false (F)