Refer to Table 1-1. Using marginal analysis, how many hours should Eva extend her bakery's hours of operations?
A) 2 hours B) 3 hours C) 4 hours D) 5 hours E) 6 hours
C
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Both a perfectly competitive firm and a monopolist:
a. always earn an economic profit. b. maximize profit by setting marginal cost equal to marginal revenue. c. maximize profit by setting marginal cost equal to average total cost. d. are price takers.
The substitution effect of a price change ________ consistent with the Law of Demand.
A. is always B. is never C. is usually D. for inferior goods is not
Minimum wage laws
a. benefit all unskilled workers. b. create unemployment, but if demand is relatively elastic, the unemployment effects will be minor. c. may help the nonpoor, such as teenagers from wealthy families. d. reduce poverty by reducing unemployment.
Figure 15-1
In , AD1 and SRAS1 indicate initial conditions in the goods and services market. In the short run, which of the following will most likely result from a shift to a more expansionary monetary policy under the adaptive expectations hypothesis?
a.
price level P1 and output Y1
b.
price level P2 and output Y2
c.
price level P3 and output Y1
d.
price level P1 and output Y2