The compulsory military service in the United States which was required from 1940 until 1973 was known as the draft
Indicate whether the statement is true or false
TRUE
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Shama is producing candles in a perfectly competitive market. When she produces 500 candles, her total cost is $250. If she produces one additional candle, her total cost increases to $260
In order to maximize her profit, she should produce the additional candle A) if the market price for a candle is $12. B) only if the market price exceeds $260 for a candle. C) only if the market price exceeds $250 for a candle. D) if the market price for a candle exceeds $0.50. E) if her price exceeds her average total cost.
The figure above shows a natural monopoly that the government must regulate. If the government uses ________, the firm produces ________ units per week
A) the HHI; 50 B) an average cost pricing rule; 30 C) rate of return regulation; 40 D) social interest regulation; 30 E) a marginal cost pricing rule; 20
This figure shows the payoffs involved when Sarah and Joe work on a school project together for a single grade. They both will enjoy a higher grade when more effort is put into the project, but they also get pleasure from goofing off and not working on the project. The payoffs can be thought of as the utility each would get from the effort they individually put forth and the grade they jointly receive.
If Sarah and Joe are working on a project together and faced with the choices outlined in the figure shown, we can predict the outcome will be that:
A. both Joe and Sarah put forth low effort.
B. Joe will put forth high effort, and Sarah will put forth low effort.
C. Joe will put forth low effort, and Sarah will put forth high effort.
D. both Joe and Sarah put forth high effort.
Assume that the price for lawn care has fallen and sales of lawn care services have also fallen. One can conclude that
A) the law of supply has been violated. B) the number of lawn care service companies has increased. C) the demand for lawn care service has decreased. D) lawn care services are deliberately charging low prices because they want to discourage people from maintaining their own lawns.