Assume that after the fifth worker, each additional worker a firm hires is less productive than the previous worker. Based on this information, we can conclude that beyond the fifth worker, the average product of labor will:
A) increase.
B) stay the same.
C) decrease.
D) cannot be determined without additional information.
D
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You decide to spend time studying for a philosophy exam, even though you have offers to go to see a movie, go out to dinner, or go to a poetry reading
This is a difficult choice for you because you really want to go to the poetry reading and would choose that over seeing the movie or going out to dinner. Your opportunity cost of spending time studying for your philosophy exam is A) going to the movie. B) going out to dinner. C) going to the poetry reading. D) all of the above, since you have offers to do all three
Rational ignorance about the efficient quantity of a public good can result in
A) the principle of minimum differentiation. B) excludable goods. C) bureaucratic overprovision of a good. D) the vertical summation of individual's marginal benefit curves.