Among the most difficult costs of crime to evaluate might be the
A. costs of law enforcement activities undertaken because of the crime.
B. wages lost due to missed work days following an assault.
C. psychological trauma suffered by victims of sexual assault.
D. market value of material possessions stolen, damaged, or destroyed.
Answer: C
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If the price level falls by 5 percent and workers' money wage rates remain constant, firms'
A) quantity of labor demanded will decrease. B) quantity of labor demanded will increase. C) supply of jobs will increase. D) None of the above answers are correct.
Robinson spends all his income on mangos and bananas. Mangos cost $3 per pound and bananas cost $1 per pound. The marginal utility is 30 for the last pound of mangos purchased and 10 for the last pound of bananas
To maximize his utility, Robinson should buy A) more mangos and fewer bananas. B) more bananas and fewer mangos. C) the present combination of goods. D) only mangos.
Which of the following is false of perfectly competitive firms?
a. A perfectly competitive market is approximated in highly organized markets for securities and agricultural commodities. b. The perfectly competitive model does not require any knowledge on the part of individual buyers and sellers about market demand and supply curves. c. Because perfectly competitive firms are price takers, each firm's demand curve remains unchanged even when the market price changes. d. In a perfectly competitive market, marginal revenue is constant and equal to the market price.
Monopolistically competitive firms can earn profits in the long run by:
A. monopolistically competitive firms only earn zero profits in the long run. B. continually innovating to differentiate their product. C. price discriminating. D. further minimizing their costs.