The condition to decide on the optimal amount of leisure is that:
A) the average benefit of leisure should be equal to zero.
B) the total benefit of leisure should be equal to the wage rate.
C) the average benefit of leisure should be equal to the wage rate.
D) the marginal benefit of leisure should be equal to the wage rate.
D
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Some sales managers are talking sho
A) "Since our competitors raised their prices our sales have doubled." B) "It has been an unusually mild winter; our sales of wool scarves are down from last year." C) "We decided to cut our prices, and the increase in our sales has been remarkable." D) none of the above
The vertical distance between the total cost curve and the total variable cost curve reflects
a. profit per unit. b. total fixed cost. c. marginal cost. d. the principle of diminishing marginal returns.
In a noncooperative environment of pegged exchange rates, if the home nation is experiencing high inflation due to excessive demand, it may choose to ______, which would cause______.
A) forgo the pegged exchange rate; extreme depreciation B) devalue its currency; the foreign nation to suffer deficient demand for its products C) cut the monetary growth rate; a rise in interest rates D) revalue its currency; the foreign nation to suffer excessive demand for its products
When quantity supplied is greater than quantity demanded, there is a ____________.
Fill in the blank(s) with the appropriate word(s).