Business decisions can be made by focusing mainly on the benefits of a decision because most costs are fixed
Indicate whether the statement is true or false
False
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Other things remaining the same, which of the following is likely to happen if all homemakers in an economy start working as paid labor?
A) There will be a fall in both the wage rate and the employment level. B) There will be an increase in both the wage rate and the employment level. C) There will be an increase in the wage rate in the country and a fall in the employment level. D) There will be a fall in the wage rate in the country and an increase in the employment level.
Define an efficient market
What will be an ideal response?
When a unit tax is placed on suppliers they are generally able to _____
a. lobby to get the tax repealed b. shift the tax payment to the demanders c. shift part of the tax burden to the demanders in the form of a secondary tax d. shift part of the tax burden to the demanders in the form of a higher price
The Acme Company is a perfect competitor in its input markets and a monopolist in its output market. The marginal product of labor is 20 and the price of Acme's output is $10. For Acme Company, the marginal revenue product of labor is
A) less than $10. B) $10. C) $20. D) less than $200. E) $200