Profits and losses play an important role in helping
a. to signal to government which businesses are suffering losses so that they can be subsidized.
b. consumers decide which products they value the most by looking at each firm's profit.
c. to allocate scarce resources in a manner that maximizes the value created to society.
d. ensure that the total profits in the economy exactly equal the total losses.
C
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Which statement is TRUE about Mr. McConaughey's marginal utility from spending time with family and friends and breaking a sweat?
A) The marginal utility Mr. McConaughey gets from the first hour of spending time with his family is less than the marginal utility from the first hour of breaking a sweat. B) The marginal utility Mr. McConaughey gets from the third hour of spending time with his family is less than the marginal utility from the fourth hour of breaking a sweat. C) The marginal utility Mr. McConaughey gets from the fourth hour of spending time with his family is greater than the marginal utility from the fourth hour of breaking a sweat. D) The marginal utility Mr. McConaughey gets from the second hour of spending time with his family is greater than the marginal utility from the first hour of breaking a sweat.
Explain why a single labor supply curve can have both a positive and negative elasticity
What will be an ideal response?