Barter is the exchange of goods and services without the use of money
a. True
b. False
Indicate whether the statement is true or false
True
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A corporate executive makes the following statement – "The company must keep hiring more workers up to the point where the marginal productivity of the last worker we hire is zero. This way we can maximize the total productivity of the firm
" Critically evaluate this statement. Also comment on whether this is the correct objective function for the firm.
Which of the following statements is false?
A. Recognizing tradeoffs is an essential part of good decision making. B. Most government policies provide people with incentives to take certain actions and avoid others. C. People will pursue an action as long as it has benefits associated to it. D. Every choice involves a tradeoff.
Bars often offer specials on appetizers during "happy hour." What does the concept of price discrimination suggest about why this might be profit-maximizing behavior?
What will be an ideal response?
Ricardo eats 20 pieces of sushi on a Friday night. When he eats the 21st piece, he starts to feel nauseous and realizes he probably should not have eaten the last piece. This suggests that for Ricardo the
A. marginal utility of the 21st piece of sushi is negative. B. marginal utility of the 21st piece of sushi is positive and increasing. C. total utility of pieces of sushi is increasing by larger and larger increments. D. total utility of pieces of sushi is increasing.