Consumers will willingly make less-informed decisions:
a. if information costs are less than the perceived benefits of gathering information.
b. if information costs are greater than the perceived benefits of gathering information.
c. since ignorance always leads to bliss
d. whenever acquiring more information requires sacrifice.
b
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Refer to the above table. Suppose the firm hires 4 workers and the price of the good sold is $4. The marginal factor cost of labor must be
A) $4. B) $150. C) $3080. D) $600.
If an economy experiences growth in productivity without growth in its labor force, it will grow.
Answer the following statement true (T) or false (F)
All of the following are resources EXCEPT
A) doctors because they perform services. B) the land the Statue of Liberty sits on. C) the computer in the student computer lab. D) money.
Consumer Reports and other organizations rank companies on the quality of their products and the reliability of their services. These companies provide an:
A. insight into the organization's mission and vision. B. external check for corporate honesty. C. incentive for corporate cheating. D. internal audit function for corporate honesty.