"Economic exploitation" is measured by:
a. the sum of all input costs, both direct and indirect.
b. the difference between the value of output a worker adds and what she receives.
c. the difference between a monopoly's profit and the profit of a competitive firm.
d. the average wage of a skilled worker divided by the average wage of an unskilled worker.
b. the difference between the value of output a worker adds and what she receives.
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Which of the following is true?
A) If the price of a substitute rises, the demand curve shifts leftward. B) An increase in the cost of producing a good shifts the demand curve leftward. C) An increase in population shifts the demand curve leftward. D) If people expect the price of a good will rise in the future, the demand curve shifts leftward. E) For an inferior good, when income increases, the demand curve shifts leftward.
What typically happens to benefits as the amount of an activity is increased?
A) Total benefits remain constant. B) Marginal benefit increases. C) Marginal benefit remains constant. D) Marginal benefit decreases. E) The marginal benefit changes only if the marginal cost changes.