The law firm of Cheep, Cheeper, and Cheeperstill offers a salary of $35,000 to first-year lawyers. This firm will attract applications from
a. exactly the number of lawyers the firm wishes to hire
b. many lawyers whose marginal revenue product is greater than $35,000
c. many lawyers whose marginal revenue product is less than $35,000
d. only lawyers whose marginal revenue product is equal to $35,000
e. many lawyers whose marginal revenue cost is equal to $35,000
C
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Under purely flexible exchange rates,
A) there is no intervention by the domestic fiscal or monetary authorities to specifically target the nominal exchange rate. B) there is only occasional intervention by the domestic fiscal or monetary authorities to specifically target the nominal exchange rate. C) the domestic fiscal and monetary authorities retain considerable flexibility to prevent short-run variability in the nominal exchange rate. D) the domestic fiscal and monetary authorities retain considerable flexibility to prevent long-run variability in the nominal exchange rate.
You have two options for how to spend the afternoon. You can either go see a movie with your roommate or work as a tutor for the Math Department. From experience, you know that going to see a movie gives you $20 worth of enjoyment, and with your student discount, a movie ticket only costs $12. If you spend the afternoon working as a math tutor, you will get paid $45. On a typical day, you wouldn't be willing to spend the afternoon working as a math tutor for less than $35. What is your economic surplus from working as a math tutor instead of going to the movies?
A. $10 B. $2 C. $8 D. $12