Economists believe that people who sit through bad music concerts likely do so because:
A. they do not ignore the sunk cost involved.
B. they undervalue the opportunity cost of their time.
C. they don't accurately consider what else they could be doing with their time.
D. All of these are true.
D. All of these are true.
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The demand for automobiles fell when gasoline prices increased. Which of the following is likely to happen in this case, assuming all else equal?
A) The labor demand curve of automobile companies will shift to the left. B) The labor demand curve of automobile companies will shift to the right. C) The supply of labor to the automobile industry will decrease. D) The supply of labor to the automobile industry will increase.
Consider two situations: In situation A the production of widgets is monopolized by a single firm. In situation B the production of widgets is perfectly competitive. In both situations the supply of labor to widget makers is infinitely elastic at a wage of w. Which of the following statements is true?
a. The marginal value product of labor will be the same in the two cases. b. The marginal value product of labor is higher in case B than in case A. c. The marginal value product of labor is higher in case A than in case B. d. From the information given it is not possible to make a definite statement about the marginal value product of labor.
Pollution rights can be traded and are always efficient.
A. True B. False C. Uncertain
If the cross-price elasticity of demand between shrimp and oysters is 4, then a 2% decrease in the price of shrimp will result in a(n) ________ in the quantity of oysters demanded.
A. 2% increase B. 8% decrease C. 4% decrease D. 0.5% decrease