Which of the following is always wrong, regardless of what other information may be given to you?
a. Hiring a worker when her marginal physical product is decreasing.
b. Hiring a worker when her marginal physical product is positive.
c. Hiring a worker when her marginal physical product is increasing.
d. Hiring a worker when her marginal physical product is negative.
e. Hiring a worker when her MRP > W.
D
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Which of the following is an example of an activity that creates an external cost?
i. a smoker emitting second-hand smoke ii. sulfur emitting from a smoke stack iii. throwing garbage on the roadside A) i only B) i and ii C) iii only D) ii and iii E) i, ii, and iii
The monopolist produces at minimum average total cost to maximize efficiency
Indicate whether the statement is true or false
The price of a stock will decrease, ceteris paribus, when
A. People move money out of the bond market and look for other options. B. Terrorists cause people to be fearful. C. Congress makes sound budget decisions. D. Future earnings expectations increase.
Which rationing system leads to the most efficient use of available resources?
A. random assignment B. physical force C. free market D. first come, first served