If total revenue falls when output increases, marginal revenue is
A) positive.
B) negative.
C) zero.
D) greater than total revenue.
E) elastic.
B
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Refer to Common Property II. Suppose the common property becomes privately owned. If the owner charges a competitive entrance fee for the right to use the property, social gain will equal
The following questions refer to the accompanying diagram, which shows the benefits and costs associated with the use of a common property.
a. area C + D + F + G + I.
b. area F + G + H + I.
c. area A + B + C + D + F + G + I.
d. area A + B + C + D + E + F + G + H + I.
Once households pay taxes, they have two options with their disposable income: consume or save
Indicate whether the statement is true or false
A third-party payment is
A. made by three people. B. a payment that requires three signatures. C. is made by someone other than the consumer. D. is not used in the U.S. health system.
Given the following table, how many workers should be hired to maximize profits?LaborMarginal Product LaborVMPLWage18$32$100232$128$100316$64$1004-1$-4$1005-12$-48$100
A. 1 B. 2 C. 3 D. 4