Suppose the total benefit of watching 1 baseball game is 100, the total benefit of watching 2 games is 120, and the total benefit of watching 3 games is 125. In this case, the marginal benefit of watching the 3rd game is:
A. 125
B. 375
C. 5
D. 41.67
Answer: C
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Look at the production schedule of the Widget Company below:
Number of workers 0 1 2 3 4 5 Number of widgets 0 12 22 30 36 40 What is the marginal product of the second worker? A) 8 B) 10 C) 12 D) 22
In 1998 the US Justice Department and 20 state attorneys general filed a suit against Microsoft alleging that Microsoft tried to protect its operating system monopoly and extend that monopoly into internet software. This is an example of
a. predatory pricing b. antitrust enforcement c. economic regulation d. social regulation e. the regulatory dilemma
If the U.S. inflation rate is 3 percent annually and the Japanese inflation rate is 1 percent annually, by what percent would the dollar price of the yen need to change according to purchasing power parity?
a. Appreciate by 2 percent b. Appreciate by 1 percent c. Depreciate by 2 percent d. Appreciate by 3 percent e. Depreciate by 1 percent
Both a perfectly competitive firm and a monopolist:
a. maximize profit by setting marginal cost equal to marginal revenue. b. always earn an economic profit. c. are price takers. d. maximize profit by setting marginal cost equal to average total cost.