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Which of the following will cause an increase in the supply of a product

-an increase in wages that

increases costs of production

-an increase in consumer incomes

-an advancement in technology that reduces costs of production

-an increase in the price of the good


A firm should build an additional distribution center if

-the revenue generated from building the distribution center is big

-the cost of the building the distribution center is not too big

-the marginal revenue of building the distribution center is larger than the marginal cost of building it

-the revenue generated from building the distribution center is small


A firm should hire an additional worker if

-the minimum wage increases

-the salary of the worker is not too high

-if the worker was referred by a friend

-if the marginal benefit the firm will receive from hiring the worker is larger than the marginal cost of hiring the worker


_________ are something that indicates a person to act, such as the prospect of a punishment or a reward

-scarcities

-incentives

-decisions

-constraints


Zumba classes sell all 20 participant spots at a price of $4.50 each. When the instructor raised the prices to $5.50, 10 people attended the class. From the midpoint method, the price elasticity of demand for Zumba is

-(-0.5)

-(-3.33)

-0.2

-(-0.2)


The cost of trade is known as

-marginal cost

-comparative cost

-explicit cost

-opportunity cost


Hedge Fun is a landscaping firm that specializes in topiary. Last year, the firm had 60 employees and served 120 customers. This year, it had 70 employees and served 140 customers. What is the marginal product of labor

-4

-3

-2

-5


After much consideration, you have chosen Cancun over Ft. Lauderdale as your spring break destination this year. However, spring break is still months away, and you may reverse this decision. Which of the following events would prompt you to reverse this decision

-the marginal benefit of going to Cancun increases

-the marginal cost of going to Cancun decreases

-the marginal benefit is going to Ft. Lauderdale decreases

-the marginal cost of going to Ft. Lauderdale decreases


Fred works 40 hours a week managing Fred's Convenience Store, without drawing a salary. He could earn $600 a week doing the same work for Bob. Fred's Convenience Store owes its bank $100,000, and Fred has invested $100,00 of his own money. If Fred's accounting profits are $1,000 per week while the interest on his bank debt is $200 per week and savings account interest and loan interest are equal, his economic profits are

-$1,000 per week

-$400 per week

-$200 per week

-$0 per week

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1.an increase in the price of the good 2.the marginal revenue of building the distribution center... View the full answer

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