All the people employed at or just above the minimum wage could be considered the _____.
Fill in the blank(s) with the appropriate word(s).
working poor
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To make a rational choice, a person
A) adds the total costs to determine if the total is small enough. B) adds the total benefits and the total costs and then compares the two totals. C) takes account of all benefits and all opportunity costs, including both marginal costs and sunk costs. D) adds the total benefits to determine if the total is large enough. E) compares the extra benefits of one more unit to the extra costs of one more unit.
When allocative efficiency occurs,
A) an economy produces the goods and services most highly valued. B) marginal benefit exceeds marginal cost by some amount. C) technology must be increasing. D) we can simultaneously produce more of all goods. E) marginal benefit exceeds marginal cost by as much as possible.
The amount of time elapsed since a price change impacts the elasticity of demand because as more time passes,
A) people can find more substitutes, and so the elasticity of demand decreases. B) people can find more substitutes, and so the elasticity of demand increases. C) people's incomes will increase, and so the elasticity of demand decreases. D) the good's price will have a chance to return to its previous level.
A telecommunication company divided into different divisions for residential and business Internet service is an example of
a. An M-form of an organization b. A functional organization c. An N-form organization d. All of the above