Output per worker must be ________ output per person.
A. less than or equal to
B. equal to
C. no more than half the size of
D. greater than or equal to
Answer: D
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Use the law of diminishing marginal utility to explain why Domino’s and Pizza Hut allow the purchase of a second pizza for only $4 when one pays full price (around $10) for the first pizza. Why not simply charge $7 a pizza instead?
What will be an ideal response?
An expansion of the production possibilities frontier is
A) called economic growth. B) proof that scarcity is not a binding constraint. C) a free gift of nature. D) something that has occurred only rarely in history.
Which of the following is a way to obtain endogenous growth:
A) inflation. B) human capital accumulation. C) physical capital accumulation. D) population growth.
Two-part pricing allows the monopoly firm to capture all of the potential consumer surplus generated by the sale of its product
Indicate whether the statement is true or false