Refer to Table 1-5. What is Julius's marginal cost if he decides to stay open for three hours instead of two hours?
A) $0 B) $18 C) $54 D) $65
B
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For markets operating at quantities lower than the equilibrium quantity produced in an equivalent perfectly competitive market:
A. the outcome is efficient. B. total surplus is increased. C. consumer surplus is always increased. D. total surplus for society is reduced.
Suppose the CPI was 95 in 1955, and suppose currently the CPI is 475 . According to the CPI, $100 today purchases the same amount of goods and services as
a. $20.00 purchased in 1955. b. $33.33 purchased in 1955. c. $47.50 purchased in 1955. d. None of the above is correct.
Suppose a monopsonist wants to hire more workers. If it has to pay the same wage to all of its workers, the:
A. marginal factor cost will fall while the wage will rise. B. wage will fall while the marginal factor cost will rise. C. difference between the wage and marginal factor cost will become smaller. D. wage and the marginal factor cost will increase.
A cultural norm is a(n):
A. political force. B. economic force. C. social force. D. market force.