When profits occur in a competitive market, this indicates that
a. consumers value the goods more than the resources used to produce them.
b. producers value the goods more than the resources used to produce them.
c. producers value the goods more than consumers value the goods.
d. consumers value the goods less than the resources used to produce them.
A
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Use the following table to answer the question below.OutputTotal Cost0$10102020283038405350736098The marginal cost associated with the production of the fortieth unit of output is
A. $2.50. B. $9.80. C. $1.50. D. $1.00.
The table above shows the marginal costs and marginal benefits of college education. If the market for college education is perfectly competitive and unregulated, at the equilibrium quantity, the marginal private benefit is
A) zero. B) $14,000. C) $19,000. D) $16,000.
Countries tend to export different goods and services because of:
a. differences in their comparative advantage. b. differences in their tastes and technological needs. c. differences in income. d. similarities in resource endowment. e. differences in the exchange rates.
Some people believe that employees should be paid the same wages when their jobs, although different, require similar levels of education, training, experience, and responsibility. This principle is known as:
A. the equal-pay-for-equal work doctrine. B. income justice. C. marginal productivity theory. D. comparable worth.