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Marginal benefit is the:
Benefit that a person receives from consuming one more unit of a good or service
Amount of one good or service that a person gains when another good or service is consumed
Minimum amount a person is willing to pay for one more unit of a good or service
The scale effect associated with an increase in the wage is expected to cause the quantity of labour demanded by a typical firm to: An increase in the mandated overtime premium is expected to cause the number of workers employed to: An increase in th..
Explain a political, economic, or social interaction of decision makers that you have heard about in words. The condition should involve decision makers, available actions
What happens to the level of output and the price level in the short run and in the long run c. According to Okun's law, what happens to unemployment in the short run and in the long run d. What happens to the real interest rate in the short run and ..
What is the slope of the budget line and does this change depending on which combination of goods is purchased?
business behavior and public policy1. define market power and then discuss the rationale for government regulation of
The monetized disutility of getting an MBA degree (including the actual cost) is $10,000 for a motivated worker and $20,000 for the unmotivated worker. An employer does not know workers' motivation level.
What is the difference between average total cost and average variable cost
Suppose that the euro zone is the home "country" and the US is the foreign country, which means that exchange rate, which has the dimensions of local currency per unit of foreign currency, is in units of euros per dollar.
Crew Brew produces a popular brand of beer in its mini-brewery located on a small river in Wisconsin. It uses a special formula, combined with the fresh water from the local stream, to produce a drink popular with local folks and tourists who visi..
1) Explain why it is sometimes said that, in the long run, a monopolistic competitive industry has too many firms producing too many products.
You have a 0.35 probaability that you can turn your current $15,000 into $50,000 and a 0.65 probability that fierce competition will drive you to ruin, losing all your money.
Discuss actions governments can use to restrict free trade; give at least two specific examples and explain the advantages and disadvantages of government restriction on free trade in each situation.
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