The idea that it takes 80 percent of your time to clean up the last 5 percent of your house illustrates that
A) the marginal cost of cleaning up slopes downward.
B) the marginal cost of cleaning up slopes upward.
C) the marginal benefit of cleaning up is constant.
D) the marginal benefit of cleaning up slopes upward.
Answer: B
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When the quantity of labor demanded exceeds the quantity of labor supplied, the real wage rate
A) rises to eliminate the labor-market shortage. B) falls to eliminate the labor-market surplus. C) rises to eliminate the labor-market surplus. D) falls to eliminate the labor-market shortage.
Apple, the consumer electronics giant, on Tuesday rolled out new versions of its popular iPod music player. CEO Steve Jobs also unveiled cheaper models of its Touch music player, a touchscreen-only device
An 8-gigabyte version now costs $230, down from $300. A 32-gigabyte model costs $400, down from $500. Calculate the price elasticity of demand for a 32 gigabyte Touch player if the quantity demanded increases from 850,000 to 950,000 the month after the price decrease. A) 0.5 B) 1.5 C) 1 D) 0.75