A store remains open from 8 a.m. to 4 p.m. each weekday. The store owner is deciding whether to stay open an extra hour each evening. The owner's marginal benefit
A) is the benefit the owner receives from staying open from 8 a.m. to 5 pm.
B) depends on the revenues the owner makes during the day.
C) must be greater than or equal to the owner's marginal cost if the owner decides to stay open.
D) is the benefit the owner receives from staying open from 8 a.m. to 6 pm.
C
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Which statement is correct? The long-run supply curve for a purely competitive:
A. increasing-cost industry is perfectly elastic. B. increasing-cost industry is upsloping. C. decreasing-cost industry is upsloping. D. increasing-cost industry is less elastic than the industry's short-run supply curve.
Which of the following is NOT an important factor affecting economic growth?
A. the rate of growth of capital B. the growth of leisure C. the rate of growth in labor productivity D. the rate of saving
On a preference map, higher indifference curves represent higher levels of total utility.
Answer the following statement true (T) or false (F)
If you agree to a long-term loan at a specified nominal rate of interest and inflation turns out to be higher than was anticipated,
A) the nominal rate of interest falls. B) the nominal rate of interest rises. C) the real rate of interest falls. D) the real rate of interest rises.