Oliver decides to spend an hour playing basketball rather than studying. His opportunity cost of playing is:
a. the amount of time he decides to dedicate to basketball
b. the increase in his skill as a basketball player from playing for that hour.
c. the benefit to his grades from studying for an hour.
d. the injury he might get by playing.
c
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Production data for Joe's Pizza Parlor are as follows. For simplicity assume that labor is the only input. Each pizza sells for $5. Number of WorkersPizzas Baked Per Day00110218324430532How many workers will Joe hire if he must pay each one $35 a day?
A. 1 B. 2 C. 3 D. 4
In a labor market, employment
A) and the wage rate are higher when the market is a monopsony than when the market is competitive. B) is higher and the wage rate is lower when the market is a monopsony than when the market is competitive. C) is lower and the wage rate is higher when the market is a monopsony than when the market is competitive. D) and the wage rate are lower when the market is a monopsony than when the market is competitive.
High income economies, with only about one-sixth of the world's population, produced more than one-third the world's output
Indicate whether the statement is true or false
Suppose a market were currently at equilibrium. A rightward shift of the demand curve would cause
A) an increase in price but a decrease in quantity. B) a decrease in price but an increase in quantity. C) an increase in both price and quantity. D) a decrease in both price and quantity.