Which of the following is NOT a step involved in optimization in levels?
A) Calculating the total net benefit of each alternative
B) Choosing the alternative with the highest net benefit
C) Calculating the marginal consequences of moving between alternatives
D) Converting all costs and benefits into a common value of measurement
C
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Huge wage differentials paid for small differences in performance is an example of
a. the failure of the Lorenz curve to accurately reflect income distribution b. winner-take-all c. the failure of the Gini coefficient to accurately reflect income distribution d. a negative income tax system that disproportionately rewards the rich e. the different kinds of in-kind assistance that different people receive
Which of the following changes a firm's production function?
A) hiring additional workers B) acquiring additional physical capital C) adding a second production facility exactly like its first production site D) adopting new technology