According to Figure 3.2, the marginal product of labor
a. falls short of the real wage at point
b. b. is higher at point a than at point e.
c. equals the real wage at point c.
d. All of the above
e. None of the above.
D
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A negative externality exists and government wants to impose a tax in order to bring about an efficient outcome. To accomplish its objective, government must set the tax equal to marginal
A. private cost. B. social benefit. C. external cost. D. social cost. E. external benefit.
In which of the following situations would a negative externality most likely be involved?
A. It is night and Kenneth is sitting in his easy chair reading a novel by John Grisham. The lamp he is reading by has only a 40-watt light bulb. He is having a hard time reading. B. Alyson lives near an airport. At five o'clock in the morning every day she can hear the airplanes taking off and it awakens her. C. Lucy went to a fancy restaurant last night and ordered the most expensive meal on the menu. She hated it. D. Richard is taking an economics class from Professor Franklin. Professor Franklin often says things that confuse Richard.
Why is it necessary to separate the management function in an organization from those of finance and residual claimancy?
Figure 11-8
Given the average cost curve shown in Figure 11-8 for dry cleaning, where Q1 is the quantity demanded in a small town, and Q2 for a larger town, you would expect dry cleaning to be a monopoly
A. in a small town, but not a large one. B. in both large and small towns. C. in a large town, but not a small one. D. only if the process is patented.