If tuna in the sea are open-access resources, they will be used until the marginal value of additional use equals
a. the marginal product of the resource
b. the marginal revenue of the resource
c. infinity
d. negative infinity
e. zero
E
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A discouraged worker ________ counted as officially unemployed and ________ counted as in the labor force
A) is; is B) is; is not C) is not; is D) is not; is not
A monopolist is producing at an output level at which ATC = $5, P = $6, MC = $4, and MR = $3. We can conclude that
A) economic profit could be increased by producing more. B) economic profit could be increased by producing less. C) economic profit cannot be increased. D) the firm is earning $10 in economic profits.
The main difference between perfect competition and monopolistic competition is:
a. The number of sellers in the market b. The ease of entry and exit in the industry c. The degree of information about market price d. The degree of product differentiation e. Whether it is the short run or the long run
Suppose Carrie's utility function for clams is as follows: If she consumes 1 clam, she gets 10 units of total utility; for 2 clams, she gets 18 units of total utility; for 3 clams, she gets 24 units of total utility; for 4 clams, she gets 28 units of total utility; for 5 clams, she gets 30 units of total utility; and for 6 clams, she gets 26 units of total utility
a. Carrie gets 6 units of marginal utility for the 5th clam. b. Carrie gets 6 units of marginal utility for the 3rd clam. c. Carrie would never choose to consume the 6th clam. d. Both b. and c. are true.