Related to the Economics in Practice on page 176: When there are a few unsold seats in an arena for a rock concert, the marginal cost of filling those seats
A. will be negative.
B. is generally quite high.
C. will primarily depend on the number of people waiting to get the seats.
D. is probably close to zero.
Answer: D
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Refer to Table 4-7. If a minimum wage of $12.50 an hour is mandated, what is the quantity of labor supplied?
A) 80,000 B) 550,000 C) 630,000 D) 1,180,000
In today's world markets, poor developing countries tend to rely primarily on exports of
A) agricultural products. B) primary products. C) mineral products. D) manufactured products. E) high-tech products.
Because some monopolies could still earn an economic profit even if the firm is inefficient, corporate executives might waste resources by indulging in
a. long lunches b. corporate jets c. plush offices d. None of the answers is correct. e. All of the answers are correct.
To maximize profits, a perfectly competitive firm should produce where marginal:
A. cost equals marginal revenue. B. revenue exceeds marginal cost. C. cost equals total revenue. D. cost exceeds marginal revenue.