If Don paints the outside of his house a horrendous color:
a. he probably has lowered the value of his home, but not that of his neighbors' homes
b. he probably has lowered the value of his home and the value of his neighbors' homes.
c. he probably has lowered the value of his neighbors' homes but not the value of his own home.
d. none of the above
b
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Macroeconomics is concerned with
A) individual business firms. B) specific industries. C) individual consumers. D) a nation's entire economy.
The removal of a price ceiling in a market results in:
a. an increase in the market price. b. a shortage in the market. c. over-production of the commodity and a surplus. d. a fall in the market price. e. abnormal profits for producers.
If price is less than average total cost, a firm
a. earns an economic profit b. hires additional workers c. moves its factory offshore d. fires the marginal worker e. suffers an economic loss
Refer to Scenario 7.7 below to answer the question(s) that follow. SCENARIO 7.7: A lawn service company has the following production possibilities. With one, two, three, and four workers, the company can mow 4, 9, 12, and 14 lawns per day, respectively. Refer to Scenario 7.7. The marginal product of the second worker is
A. 3. B. 4. C. 5. D. 9.