The dean of your college is considering hiring another economics professor. If the additional revenue that the college can earn from employing the professor exceeds the additional cost, the college should
a. do nothing
b. continue to study the issue
c. hire the professor
d. stop offering economics classes
e. not hire the professor and lay off a professor already on the faculty
C
Economics
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Which of the following is characteristic of a perfectly competitive market?
a. There is free entry into and exit from the market. b. Individual firms can exert a perceptible influence on the market price. c. The firms in the market produce differentiated products. d. All of these are true.
Economics
When you think about investments in capital goods, the one category that is most important and, at least in the long run, yields the highest returns is investment in
a. infrastructure b. raw material extraction c. factories d. education and health e. machinery
Economics