If the marginal benefit of getting a college degree rises, rational people will
A) drop out of college.
B) not change their behavior.
C) attend college in greater numbers.
D) require that college get easier.
E) raise the marginal cost of attending college.
C
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High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides information about how many plastic chairs can be produced per hour. Number of WorkersChairs Produced Per Hour00110218324428530For simplicity, assume that labor is the only input. How many workers will be hired if the hourly wage for workers is $70?
A. 3 B. 4 C. 1 D. 2
Which of the following is true?
a. If the consumer is a buyer of several units of a good, the earlier units will have greater marginal value and therefore create more consumer surplus, because marginal willingness to pay falls as greater quantities are consumed in any period. b. When some units of output can be produced at a cost that is lower than the market price, the seller receives a surplus, or net benefit, from producing those units. c. At the market equilibrium both consumers and producers benefit from trading every unit up to the market equilibrium output. d. All of the above are true.
You are about to open a business and must obtain a license from the city for $25,000. The license is transferable, but only $4,000 is refundable in the event the firm does not use the license.
a. What are your fixed costs? What are your sunk costs? b. Suppose the manager obtains a license but then decides against opening the business. If another firm offers the manager $3,000 for the license, should the manager accept the offer?
The performance-evaluation system under which an employee enumerates his/her accomplishments, points out strengths, and discusses weaknesses with the higher management is commonly referred to as:
A. reneging. B. self-evaluation. C. productivity evaluation. D. output evaluation.