The behavior of profit-maximizing producers is guided by
A. Philanthropy.
B. Social costs.
C. Self-interest.
D. Aesthetic concerns.
Answer: C
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As more people started using fax machines, fax machines became more valuable to individual users. This is an example of a(n) ________
A) moral hazard B) adverse selection C) network externality D) negative externality
The speculative motive for holding money is closely tied to what function of money?
A) store of wealth B) unit of account C) medium of exchange D) standard of deferred payment
In a certain textile firm, labor is the only short term variable input. The manager notices that the marginal product of labor is the same for each unit of labor, which implies that
A) the average product of labor is always greater that the marginal product of labor B) the average product of labor is always equal to the marginal product of labor C) the average product of labor is always less than the marginal product of labor D) as more labor is used, the average product of labor falls E) there is no unambiguous relationship between labor's marginal and average products.
According to William Shepherd, the total assets of the top 100 firms in the United States have been declining, mostly in response to increased imports
a. True b. False