People would not choose to specialize because:
A. it can lead to more consumption than being self-sufficient.
B. it can lead to consumption beyond the production possibilities frontier.
C. it allows people to acquire goods at a lower opportunity cost.
D. production standards are harder to control if goods are imported from other countries.
D. production standards are harder to control if goods are imported from other countries.
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If skilled and unskilled labor are substitutes, then an increased minimum wage would tend to
A) reduce the demand for both unskilled and skilled workers. B) reduce the quantity demanded of unskilled workers and increase the demand for skilled workers. C) reduce the demand for unskilled workers and increase the quantity demanded of unskilled workers. D) reduce the quantity demanded for both unskilled and skilled workers.
If the simultaneous game is instead changed into a sequential game where the shoplifter can see whether the security guard is vigilant or not before deciding to steal. What is the Nash equilibrium of the game?
a. Steal, Vigilant b. Steal, Not vigilant c. Not steal, Vigilant d. Not steal, Not vigilant
Harold Brown runs a company that sells encyclopedia sets for $250 each. When he employs 10 workers, they can sell 60 sets per week, while only 54 sets are sold when 9 workers are employed. What is the weekly marginal revenue product of the tenth worker?
a. $250. b. $1,250. c. $1,500. d. $15,000.
The U. S. Postal Service historically has had a monopoly over the market for the delivery of first-class letters in the United States
a. True b. False Indicate whether the statement is true or false