A profit-maximizing firm will hire workers up to the point at which

Farm income has fallen in part because demand for farm products is price inelastic and income inelastic

a. True b. False

Cost-benefit analysts often encounter the problem that those who would benefit from government provision of a public good tend to

a. overstate the benefit they would receive from the public good and those who would be harmed by government provision of a public good tend to overstate the costs they would incur from the public good. b. overstate the benefit they would receive from the public good and those who would be harmed by government provision of a public good tend to understate the costs they would incur from the public good. c. understate the benefit they would receive from the public good and those who would be harmed by government provision of a public good tend to overstate the costs they would incur from the public good. d. understate the benefit they would receive from the public good and those who would be harmed by government provision of a public good tend to understate the costs they would incur from the public good.