Refer to Figure 10-4. What is the marginal rate of substitution for one bar of chocolate between g and h?
A) of a cookie. B) of a cookie. C) 2 cookies. D) 3 cookies.
B
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An example of a market subject to adverse selection would be:
A. the insurance market. B. the financial market. C. the used car market. D. All of these statements are true.
Right-to-work laws
a. guarantee workers the right to form unions. b. give workers in a unionized firm the right to choose whether to join the union. c. prevent employers from hiring permanent replacements for workers who are on strike. d. prevent workers from being fired because of increases in wages brought about by collective bargaining.
A purely competitive firm's output is currently such that its marginal cost is $4 and marginal revenue is $5. Assuming profit maximization, the firm should:
A. raise its price and cut output. B. leave price unchanged and cut output. C. cut its price and raise its output. D. leave price unchanged and raise output.
The modification of manufacturing processes so as to reduce the resulting environmental damage is an endeavor that requires capital investment, labor inputs, and technology. What then follows from this statement?
A. Environmental damage is a regrettable but necessary side effect of economic growth. B. The way to reduce pollution is to educate people about its effects. C. The condition of the environment will be better in slower-growing countries. D. Economic growth can benefit the environment.