Marginal thinking is best demonstrated by:
a. choosing to spend one more hour studying economics because you think the improvement in your score on the next quiz will be worth the sacrifice of time.
b. deciding to never purchase a coat made with animal skins or furs
c. acquiring all the information relevant to a choice before making that choice.
d. measuring all of the costs of a meal against all of the benefits when deciding whether to order a second milkshake.
a
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In evaluating the degree of economic efficiency in a market, we can state that the size of the deadweight loss in a market will be smaller
A) the greater the difference between marginal cost and average revenue. B) the smaller the difference between marginal cost and price. C) the greater the difference between marginal cost and price. D) the smaller the difference between marginal cost and average total cost.
If Sarah decides to hit Tom, what would Tom's best response be
a. Tell b. Not tell c. Run d. Hide
An example of a variable cost to the firm is the
a. monthly rent it pays based on a multiple-year lease b. cost of shipping the goods it produces c. property taxes it pays d. interest payments on a bank loan e. entrepreneur's opportunity cost
The labor force consists of:
a. people more than 20 years old and who are looking for work. b. people more than 16 years of age and older working or looking for work. c. all adults above 18 years of age with job skills. d. all working adults employed for more than forty hours a week.