13) In the figure above, point D
A) is less efficient than point C.
B) is more efficient than point A.
C) is less efficient than point B.
D) is more efficient than point B.
B) is more efficient than point A.
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Why do multinational corporations typically pay vastly different wage rates for the same work in different countries?
A) Prospective employees have much better alternative opportunities in some countries than in others. B) The cost of living is much lower in some countries than in others. C) The demand for labor is much more elastic in some countries than in others. D) Supply and demand determine wage rates in some countries but not in others. E) Unions exist in some countries but not in others.
According to the textbook, economics is a:
A) social science. B) study of business decisions, not social decisions. C) part of operations and management science. D) part of humanities.
The MR = MC profit maximization rule applies:
A. only to monopolies. B. only to purely competitive firms. C. only when the firm is a "price taker." D. to firms in all types of industries.
Negative relationships are also referred to as inverse relationships.
Answer the following statement true (T) or false (F)