The opportunity cost of working out for one hour is the value of the next-best activity that you could have done in that hour
a. True
b. False
Indicate whether the statement is true or false
True
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One weakness of the Sherman Act is that
A) it fails to clearly define restraint of trade. B) it applies only to foreign monopolies. C) it applies only to the steel and railroad industries. D) none of the above.
Suppose a perfectly competitive firm is producing 77 units of output, and the marginal cost of the 77th unit is 11. If the firm can sell each unit of output for $8 and the firm's revenue is sufficient to cover its variable cost, the firm should:
A. decrease production. B. lower its price. C. raise its price. D. increase production.
Which of the following is a primary role of a manager according to the good-citizen model?
A. to discourage innovation at work B. to recognize and reward an employee who is honest, punctual, and obedient C. to allow the employees to work independently, without any help from the managers D. to communicate the goals and objectives of the organization to employees
If the number of people with the skills necessary to perform a job increases, labor ________ shifts to the ________.
A. demand; left B. demand; right C. supply; left D. supply; right