Refer to Table 1-5. What is Julius's marginal benefit if he decides to stay open for three hours instead of two hours?
A) $15 B) $25 C) $65 D) $80
A
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Which oligopoly model results in firms successively undercutting their rivals' prices until the competitive outcome is reached?
a. The contestable market model. b. The Cournot model of oligopoly. c. The Bertrand model of oligopoly. d. The monopolistic competition model.
If the Fed injects reserves into the banking system and they are held as excess reserves, then the monetary base ________ and the money supply ________
A) remains unchanged; remains unchanged B) remains unchanged; increases C) increases; increases D) increases; remains unchanged
Sustained federal deficits tend, other things the same, ________
A) to decrease income inequality in the United States B) to decrease income inequality in Europe but not the United States C) to increase income inequality in the United States D) have little effect on the distribution of income in market economies
Refer to Figure 3.2. Which assumption concerning preferences do Alvin's indifference curves violate?
A) Diminishing marginal rates of substitution B) Transitivity of preferences C) More is preferred to less D) Completeness E) both A and C