The slope of the labor-leisure budget constraint represents the tradeoff between leisure and income
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following is not true of Lindahl prices for collective consumption goods?
a. Lindahl pricing might be useful in achieving political agreement on the proper amount of the public good to be produced. b. Lindahl prices are set so the marginal benefit they receive from the public good is equal to the marginal cost. c. Lindahl prices are difficult to calculate in practice. d. Lindahl prices are necessary for economic efficiency.
How much would the firm make in revenue if it chooses to sell only the high-end professional series?
a. $100 b. $110 c. $120 d. $130
Concerned that its dependence on sales of microprocessors to computer firms would make it vulnerable to sharp sales declines during the recession of 2007-2009, Intel began to develop memory chips that could be used in portable consumer electronic devices such as cell phones. One reason that Intel chose to branch out from producing microprocessors for computers is that
What will be an ideal response?
What is the marginal revenue product of labor (MRP)? What shape does the MRP curve have? Why?
What will be an ideal response?