Which of the following is the incorrect statement?
A. The slope of the net benefit curve is vertical where MB = MC.
B. dB(Q)/dQ = MB.
C. The marginal benefits curve is the slope of the total benefits curve.
D. The vertical difference between the total benefit curve and the total cost curve is maximized at the optimal level of Q.
Answer: A
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Jane is a 25-year-old, full-time student. She works part time in her school library and is paid $7 an hour. She is considered to be
A) unemployed. B) not in the labor force. C) in the labor force but not working. D) employed. E) not in the working-age population because she is in college.
Refer to Table 14-8. Which of the following is true?
A) Brawny Juice's dominant strategy is to select a high price. B) Power Fuel does not have a dominant strategy. C) Power Fuel's dominant strategy is to select a low price. D) Brawny Juice does not have a dominant strategy.
If a firm competing in a price-taker market seeks to maximize profit, the firm should
a. increase output whenever marginal cost is less than average total cost. b. increase output whenever marginal revenue is less than marginal cost. c. choose the output where per-unit profit is greatest. d. increase output whenever price exceeds marginal cost.
A decrease in government spending on the park system would cause
A. a movement up and to the left along the aggregate demand curve. B. the aggregate demand curve to shift to the right. C. a movement down and to the right along the aggregate demand curve. D. the aggregate demand curve to shift to the left.