According to economic reasoning, you should offer one hour of volunteer service per week when
A) the additional benefits of doing so are greater than the additional costs.
B) the additional costs of doing so are the same as the additional benefits.
C) the additional costs of doing so are greater than the additional benefits.
D) the total benefits of doing so are less than the total costs.
A) the additional benefits of doing so are greater than the additional costs.
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Game theory can be used to investigate
a. why cartels break down. b. why some firms maintain excess productive capacity. c. how oligopolists set prices. d. All of the above are correct.
Total revenue is:
A. the amount that an individual gets paid over a specified period of time, typically annually. B. the quantity sold multiplied by the price paid for each unit. C. the amount that a firm spends on all inputs that go into producing a good or service. D. the quantity produced multiplied by the cost of producing each unit.
The division of labor generally refers to splitting
A. the three coordination decisions among different sets of planners. B. the parts of a complex task among different workers. C. the production of consumption goods and capital goods among different workers. D. political leaders into radical and conservative camps each year.
If the Fed tries to lower the unemployment rate so it is lower than the natural unemployment rate, in the long run the SRPC ________ and the LRPC ________
A) shifts downward; shifts leftward B) does not change; shifts rightward C) shifts upward; does not change D) shifts downward; does not change E) does not change; does not change