Gertrude Stork's Chocolate Shoppe normally employs 4 workers. When the Chocolate Shoppe hired a 5th worker the Shoppe's total output decreased. Therefore
A) the total output of Gertrude Stork's Chocolate Shoppe is negative.
B) the average product of the 5th worker is negative.
C) the 5th worker should be hired only if he is willing to accept a wage lower than the wage paid to the other 4 workers.
D) the marginal product of the 5th worker is negative.
D
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If Bertrand price competitors incur recurring fixed costs, it will still be a Nash equilibrium for price to equal marginal cost.
Answer the following statement true (T) or false (F)
Soo Jin shares a one-bedroom apartment with her classmate. Her share of the rent is $700 per month. She is considering moving to a studio apartment which she will not have to share with anyone. The studio apartment rents for $950 per month
Recently, you ran into Soo Jin on campus and she tells you that she has moved into the studio apartment. Soo Jin is as rational as any other person. As an economics student, you rightly conclude that A) Soo Jin figures that the additional benefit of having her own place (as opposed to sharing) is at least $250. B) Soo Jin did not have a choice; her roommate was a slob. C) Soo Jin figures that the additional benefit of having her own place (as opposed to sharing) is at least $950. D) the cost of having one's own space outweighs the benefits.
How do individual become members of the Board of Governors?
What will be an ideal response?
Which of the following actions should be discussed with an attorney before undertaking as the action could be considered legal?
A) an agreement with a competitor firm to set prices B) an agreement with a competitor firm to not sell to a particular customer C) an agreement with a competitor firm to adjust output levels D) an agreement with a customer about the resale price the customer will charge for the product