Appendix: Winning an auction can be exhilarating, but it can also lead to doubt as to whether you did the right thing or not. This is called:
a. The regret effect.
b. Moral hazard.
c. Second wind.
d. The winner's curse.
d
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Suppose when a car wash has 2 washing stations and 5 workers and is able to wash 100 cars per day. When it adds a third station, but no more workers, it is able to wash 150 cars per day. The marginal product of the third washing station is:
a. 100 cars per day. b. 150 cars per day. c. 5 cars per day. d. 50 cars per day.
An increase in the demand for a product will shift the demand curve for labor producing the product to the left
a. True b. False Indicate whether the statement is true or false
The demand for labor increases when the:
A. real wage increases. B. value of the marginal product of labor decreases. C. real wage decreases. D. value of the marginal product of labor increases.
The goal of a company in an oligopoly industry is to
A. Obtain the highest price possible. B. Be the market leader in innovation. C. Increase market share and profits. D. Always follow rivals if they raise price.