In the above table, the law of diminishing marginal product sets in with the hiring of ________ worker.
A. fourth
B. sixth
C. first
D. third
Answer: A
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Explain why the socially optimal output is not always the same as the market output.
What will be an ideal response?
Which of the following statements is true of a market?
a. An increase in demand, with no change in supply, will increase the equilibrium price and quantity. b. An increase in supply, with no change in demand, will decrease the equilibrium price and the equilibrium quantity. c. A decrease in supply, with no change in demand, will decrease the equilibrium price and increase the equilibrium quantity. d. All of these.
A good is considered nonrival-in-consumption if
a. many individuals can share in the consumption of the same unit of the good. b. the consumption of the good by one individual lowers the amount available for others. c. even nonpaying customers can receive the full benefit from the good. d. its production is financed through tax revenue rather than market prices.
According to the search model developed by Stigler, when there are search costs, sellers know that consumers are becoming acquainted with product quality, and consequently all sellers set the same quality. In contrast if there are no search costs, product quality differences can persist over time, even for identically priced products
Indicate whether the statement is true or false