Refer to Table 1-5. Using marginal analysis, how many hours should Julius extend his shop's hours of operations?
A) 2 hours B) 3 hours C) 4 hours D) 5 hours E) 6 hours
A
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?Many externalities arise from poorly defined property rights.
Answer the following statement true (T) or false (F)
The burden of a tax is placed entirely on the buyers of a good when the demand for the good is _____
a. perfectly inelastic b. perfectly elastic c. unit elastic d. relatively elastic
Ceteris paribus, as the number of substitutes for a good increases, the
A. Price elasticity of demand should become larger. B. Cross-price elasticity of demand should become negative. C. Income elasticity of demand should become negative. D. Price elasticity of demand should become smaller.
The gap between rich and poor countries
A. has remained constant over time because technological advances can be easily shared among nations. B. has decreased over time because poor countries can more easily devote resources to capital production. C. has increased over time because poor countries find it difficult to devote resources to capital production. D. has remained constant over time because the rate of capital production has remained constant in rich and poor nations.