In 2015, Exxon Mobil, the world's largest oil company, spent $31 billion on
A. exploration and capital investment.
B. defending itself against class-action lawsuits.
C. executive compensation.
D. payments to people affected by oil spills.
Answer: A
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The total willingness to pay for a given number of units of a good or service is determined by multiplying the equilibrium price of the good by the number of units purchased
Indicate whether the statement is true or false
If fixed cost rises,
A. the profit-maximizing level of output would decrease. B. the profit-maximizing level of output would not change. C. marginal cost rises. D. variable cost falls.
The preferences between baskets of outcomes when the state of the world is not yet known are called
a. ex ante preferences. b. ex post preferences. c. risk-averse preferences. d. diversified preferences.
When the labor supply is very inelastic, the payroll tax is
A. borne entirely by the employer. B. split fairly evenly between the employer and the employee. C. borne mostly by the employer. D. borne mostly by the employee.