Complete the sentence. An entrepreneur advances a project only if the expected marginal benefit exceeds the expected marginal cost,
A) and so does a government bureaucrat.
B) but a government bureaucrat advances a project only if the marginal cost exceeds the marginal benefit.
C) but a government bureaucrat is in no position to determine the cost of his own action.
D) but a government bureaucrat has no concern about the benefit of his own action.
A
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Jason needs help getting ready for the next test in his economics course and would like to hire Maria, an economics tutor to help him
Jason is willing to pay $30 for the first hour of tutoring, $25 for the second, $20 for the third, $15 for the fourth, and $10 for the fifth. The equilibrium price for tutoring is $15 per hour. For how many hours of tutoring will Jason hire Maria? Why this amount of hours? What is Jason's consumer surplus, if any, from the tutoring? What is Maria's consumer surplus from the tutoring?
Which of the following statements is true about a simple circular flow model?
A) Producers are neither buyers nor sellers in the product market. B) Households are neither buyers nor sellers in the input market. C) Producers are buyers in the factors market. D) Households are sellers in the product market.