You go to see a movie that you believe would turn out to be amazing. The ticket costs you $20 . Once in the theatre you realize that the movie is awful. If you leave now, you can still catch your favorite TV show. What should you do?
a. Stay and watch the movie since you paid $20 for it
b. The ticket price is now a sunk cost, you can ignore it and go home
c. Stay and watch the movie since the opportunity cost of the movie is zero
d. None of the above
b
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The efficient level of pollution is greater
a. The higher the marginal social benefit of abatement function and the higher the marginal social benefit of abatement function. b. The higher the marginal social benefit of abatement function and the lower the marginal social benefit of abatement function. c. The lower the marginal social benefit of abatement function and the higher the marginal social benefit of abatement function. d. The lower the marginal social benefit of abatement function and the lower the marginal social benefit of abatement function.
Use the following statements to answer this question:
I. If the extent of a market is broader, it is less likely that firms in the market can influence the market price. II. In determining whether two different products belong to the same market, it is necessary to know whether the two products can be used as substitutes for each other. A. I and II are both true. B. I is true, and II is false. C. I and II are both false. D. I and II are both false.
The labor demand curve of a firm
A. is the same as its marginal product curve. B. reflects a direct relationship between the number of workers hired and the money wage rate. C. is perfectly elastic if the firm is selling its product in a purely competitive market. D. will shift to the left if the price of the product the labor is producing falls.
If hiring a minority would drive away customers, then discriminating against that minority might increase profits for the business that is doing the hiring
Indicate whether the statement is true or false