Evaluate the pros and cons of State-Owned Enterprises
What will be an ideal response?
Development Spotlight 10-1 lists the pros and cons. Students should base their evaluation on as much economic reasoning as possible, and state where political or other judgements enter their evaluation.
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The figure above shows the marginal benefit and marginal cost curves for pizza. In the figure, what is the efficient quantity of pizza?
A) 0 pizzas B) 10,000 pizzas C) 20,000 pizzas D) 30,000 pizzas E) The efficient quantity cannot be determine without more information.
Given that the market wage rate is $50 and both the labor and the goods market are perfectly competitive, a profit-maximizing firm should hire an additional worker if:
A) the marginal product of the worker is 50 units. B) the value of marginal product of the worker is at least $50. C) the marginal product of the worker is less than 50 units. D) the value of marginal product of the worker is less than $50.