The amount of output produced with an additional unit of variable input is referred to as:
A) total product.
B) average variable product.
C) marginal product.
D) average fixed product.
C
Economics
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The figure above shows the demand for and supply of labor of students in Smallville. If the minimum wage is set at $8 per hour, how many hours do students work?
A) 12,000 hours B) 9,000 hours C) 6,000 hours D) None of the above answers is correct.
Economics
In what way does prospect theory differ from the standard theory of expected utility?
a. With prospect theory, preferences depend only on final wealth levels. b. With prospect theory, preferences vary with initial (reference) wealth levels. c. With prospect theory, individuals are risk loving over small losses. d. With prospect theory, risk aversion does not play a role.
Economics