When deciding whether to hire an additional worker, firms need only consider how the additional worker would affect
a. costs.
b. revenues.
c. output.
d. profit.
d
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Minimum-price laws designed to preserve competition
A) offer the certainty of lower prices in order to eliminate the possibility of higher prices. B) offer the certainty of higher prices in order to eliminate the possibility of higher prices. C) offer the possibility of higher prices in order to eliminate the certainty of higher prices. D) offer the sellers more competition among themselves.
For a common resource, the marginal private cost curve slopes ________ and the marginal social cost curve slopes ________
A) upward; upward B) upward; downward C) downward; upward D) downward; downward
Refer to Figure 4-21. The figure above represents demand and supply in the market for cigarettes. Use the diagram to answer the following questions
a. How much is the government tax on each pack of cigarettes? b. What portion of the unit tax is paid by consumers? c. What portion of the unit tax is paid by producers? d. What is the quantity sold after the imposition of the tax? e. What is the after-tax revenue per pack received by producers? f. What is the total tax revenue collected by the government? g. What is the value of the excess burden of the tax? h. Is this cigarette tax efficient?
The gains made against poverty by President Lyndon Johnson's "War on Poverty" were largely reversed by:
a. welfare cuts b. an elimination of many jobs to overseas manufacturing facilities c. slower economic growth d. all of the above. e. a and c only