If the MRP of the last acre of land hired is lower than the rent, the firm has hired ________.
Fill in the blank(s) with the appropriate word(s).
too many acres of land
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You have the choice of going on vacation to Florida for one week, staying at work for the week, or spending the week doing fix-up projects around your house. If you decide to go to Florida, the opportunity cost of the trip is
A) working and doing fix-up projects. B) working or doing fix-up projects, depending on which you would have done otherwise. C) working, because you would be giving up income. D) nothing because you will enjoy the trip to Florida.
Tax evasion is more likely to occur when people feel that their tax dollars are not being used properly.
A. True B. False C. Uncertain
Suppose that the average equilibrium monthly rental price of apartments and rooms in a college town had been steady at $600, but then the college expanded enrollment from 10,000 to 12,000 . Suddenly there is a shortage of rental housing at the prevailing price of $600 . Which of the following is most likely to be true?
a. The shortage occurred because demand increased, and a new market equilibrium will result in higher rental prices and more rental units available on the market. b. The shortage occurred because supply increased, and a new market equilibrium will result in lower rental prices and fewer rental units available on the market. c. The shortage occurred because demand decreased, and a new market equilibrium will result in lower rental prices and fewer rental units available on the market. d. The shortage occurred because demand increased, and a new market equilibrium will result in higher rental prices and fewer rental units available on the market.
Economists use the phrase "network externalities" to describe the role technology plays in explaining why consumers buy products that other consumers are already buying.
a. true b. false