With respect to diffusion of responsibility,
A) the larger the group, the more likely that any one individual will act.
B) the larger the group, the less likely that any one individual will act.
C) the size of the group has no bearing on the likelihood of any one individual to act.
D) individuals are likely to take no action only if the group of individuals is small.
B
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Which of the following is a good example of efficient specialization and voluntary exchange?
A. A college professor hires someone to rototill his or her garden to ready it for spring planting. B. A college professor works on the engine of a car for a neighbor who is a mechanic. C. A lawyer decides to babysit his or her young child and agrees to do so for others for cash. D. A physician agrees to help a neighbor work on his or her income tax return in exchange for his or her bookkeeping services.
A firm's marginal cost is the increase in its total cost divided by the increase in its
A) quantity of labor. B) average cost. C) output. D) average revenue.
Milky Moo and Mega Cow are the only sellers of milk. Milky Moo's supply function is QsMMoo = 12P - 6 at prices above $0.50 and zero at prices below $0.50. Mega Cow's supply function is QsMCow = 9P - 3 at prices above $0.33 and zero at prices below $0.33. At a price of $2.00, the market supply of milk is:
A. QsMarket = 12P - 6. B. QsMarket = 9P - 3. C. QsMarket = 21P - 9. D. QsMarket = 12P - 9.
During the latter half of the 1990s, the U.S. saving rate decreased. Will this reduction in the saving rate have a permanent effect on the rate of growth of output per worker? Explain
What will be an ideal response?