Which of the following examples is motivated by nonmonetary self-interest?
a. updating factory equipment to improve efficiency
b. giving to the boss’s favorite charity with the hope of getting a raise
c. increasing employee pay to improve motivation to make sales
d. giving donations to help victims of an earthquake
d. giving donations to help victims of an earthquake
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A permanent increase in the real wage rate has a ________ income effect on labor supply than a temporary increase in the real wage, so labor supply is ________ with a permanent wage increase than for a temporary wage increase
A) larger; more B) larger; less C) smaller; more D) smaller; less
Suppose a monopolist's demand curve is P = 60 - Q, its cost function is TC = 10Q + 50, and its marginal cost is 10. If a governmental agency wished to set the price so that it created the smallest deadweight loss without causing the monopolist to have negative economic profits, this price would be
A) $10.00. B) $11.02. C) $14.57. D) $35.00.