You are offered a free ticket to see the Chicago Cubs play the Chicago White Sox at Wrigley Field. Assume the ticket has no resale value. Willie Nelson is performing on the same night, and his concert is your next-best alternative activity. Tickets to see Willie Nelson cost $40 . On any given day, you would be willing to pay up to $50 to see and hear Willie Nelson perform. Assume there are no
other costs of seeing either event. Based on this information, at a minimum, how much would you have to value seeing the Cubs play the White Sox to accept the ticket and go to the game?
a. $0
b. $10
c. $40
d. $50
b
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Marginal revenue product of labor equals marginal product times the wage only when the firm is a perfect competitor in the product market
a. True b. False
Which of the following best describes disposable income?
a. Income after expenses and taxes b. Income after taxes c. Income after expenses d. Income after taxes and payroll deductions
The goal of the minimum wage is to ensure workers a minimally adequate standard of living
a. True b. False Indicate whether the statement is true or false
The New York Stock Exchange is an example of a:
A. bank. B. financial institution. C. financial instrument. D. financial market.