According to the Weber-Fechner law, when the change in a stimulus is large in proportion to the original stimulus, the perceived size of the change will be:
A. large.
B. zero.
C. small.
D. impossible to determine.
Answer: A
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If current output is less than the profit-maximizing output, then the next unit produced
A) will decrease profit. B) will increase cost more than it increases revenue. C) will increase revenue more than it increases cost. D) will increase revenue without increasing cost. E) may or may not increase profit.
Direct controls are generally much more costly than emissions taxes because
a. under direct controls emissions cutbacks are usually not apportioned among the firms on the basis of their ability to reduce pollution cheaply and efficiently. b. emissions tax per unit of output is higher than the per-unit direct control program cost. c. government cannot legally levy emissions taxes that are as high. d. firms disregard emissions taxes.
If the CPI was 127 in 1972 and is 324 today, then $10 in 1972 purchased the same amount of goods and services as
a. $3.92 purchases today. b. $25.51 purchases today. c. $207.00 purchases today. d. $324.00 purchases today.
For a monopsonist the marginal cost of increasing its workforce will always be greater than the wage rate because
A. a normal rate of return must be paid to the owner. B. the industry will be a closed shop. C. the wage rate offered the newest employee must be paid to all workers. D. there is not good factor substitution in a monopsony.