The more human capital workers have, the:
A. more productive they are.
B. more technology they will require for their job.
C. lower the value of their marginal product.
D. less productive they are.
Answer: A
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Suppose there are 1000 identical wheat farmers. For each, TC = 10 + q2. Market demand is Q = 600,000 – 100p. Derive the short-run equilibrium Q, q, and p. Does the typical firm earn a short-run profit?
What will be an ideal response?
Product-specific services are often ________, but if they create value for the consumer, they ________ the retail demand.
A) inexpensive; increase B) inexpensive; decrease C) costly; decrease D) costly; increase
The parties to a contract will choose to acquire possibly duplicative information if they believe that the increase in economic value being created will exceed the cost of discovering the information
Indicate whether the statement is true or false
Suppose that an MBA degree creates no externality because the benefits of an MBA are captured by the student in the form of higher wages. If the government offers subsidies for MBAs, then which of the following statements is correct?
a. The equilibrium quantity of MBAs will equal the efficient quantity of MBAs. b. The equilibrium quantity of MBAs will be greater than the efficient quantity of MBAs. c. The equilibrium quantity of MBAs will be less than the efficient quantity of MBAs. d. The tuition paid by the student would be exceed the efficient amount.