A rational decision maker takes an action if and only if
a. the marginal benefit of the action exceeds the marginal cost of the action.
b. the marginal cost of the action exceeds the marginal benefit of the action.
c. the marginal cost of the action is zero.
d. the opportunity cost of the action is zero.
A
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In the model of an oligopoly with identical (homogeneous) products, what is the price likely to be?
What will be an ideal response?
When quantity demanded has increased at every price, it might be because
a. the number of buyers in the market has decreased. b. income has increased, and the good is an inferior good. c. the costs incurred by sellers producing the good have decreased. d. the price of a complementary good has decreased.
The unemployment rate is the
A) percentage of employed people that does not have a job. B) number of unemployed people. C) percentage of the working-age population that does not have a job. D) percentage of the labor force that does not have a job. E) percentage of the population that does not have a job.
If the federal government implements programs to more quickly match the unemployed with jobs, then the natural rate of unemployment
A) will increase. B) will decrease. C) will not change. D) will disappear.