According to economic reasoning, you should follow Nike's advice and "Just Do It" when Select one:
a. The total benefits are less than the total costs.
b. The additional costs are greater than the additional benefits.
c. The additional costs are the same as the additional benefits.
d. The additional benefits are greater than the additional costs.
d. The additional benefits are greater than the additional costs.
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Recall the Application about the best speed at which to sail an ocean cargo ship to answer the following question(s).Sailing an ocean cargo ship slower to save on the expense of fuel as opposed to sailing it faster to save time and therefore allow it to make more deliveries makes sense if the ________ of sailing slower is less than the ________ of sailing slower.
A. marginal benefit; marginal cost B. marginal cost; marginal benefit C. marginal benefit; opportunity cost D. marginal cost; opportunity cost
The above figure shows a firm's total revenue line. The firm must be in a market with
A) perfect competition. B) monopolistic competition. C) monopoly. D) oligopoly.
Suppose that more people want Orange Bowl tickets than the number of tickets available. Which of the following statements is correct?
A. If the box office price were raised, the excess demand for Orange Bowl tickets would decrease. B. The box office price is higher than the equilibrium price for Orange Bowl tickets. C. There is a shortage of Orange Bowl tickets at the box office price. D. both a and c E. all of the above
In the case of a small country, the effects of a quota and a tariff are (almost) identical if
A. the government allocates import licenses directly to the public using a free lottery system. B. the government allocates licenses for free to importers using a rule or process that involves (almost) no resource cost. C. the government allocates licenses to importers through application and selection procedures that require the use of substantial resources. D. the government auctions off import licenses to the highest bidder.