National defense and knowledge are generally considered to be
a. private goods.
b. public goods.
c. proprietary goods.
d. societal goods.
b
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Several years ago, a bookstore chain extended its closing time from 9 p.m. to 10 p.m. Now it is considering a further extension to 11 p.m. In making this marginal decision, the results of having gone from 9 p.m. to 10 p.m. are
A) no longer relevant to the current decision. B) relevant if the marginal costs and benefits were unequal. C) relevant since they are part of the calculation of total costs and benefits. D) relevant if the marginal costs and benefits were equal.
A firm's cost of production is determined by all of the following except
A) the technology used to produce its output. B) the productivity of its workers. C) the cost of raw material used in production. D) the amount of corporate taxes it must pay on its profit.