If a monopsony paid its workers a wage equal to their value of marginal product, it would be maximizing its profit
Indicate whether the statement is true or false
FALSE
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Which of the following goods is not excludable and not rival in consumption?
a. fish in the ocean b. tickets to a professional basketball game c. a tornado siren d. a premium television channel
Suppose Joe's MRS for cookies with crackers is 6 crackers per cookie. Also assume that Mary's MRS for cookies with crackers is 3 crackers per cookie. Assuming that these rates of substitution don't depend on the amounts consumed, which of the following trades would make both Joe and Mary better off?
A. Joe gives Mary 5 crackers in exchange for a cookie. B. Joe gives Mary 2 crackers in exchange for a cookie. C. Joe gives Mary 6 crackers in exchange for a cookie. D. There is not enough information to answer the question.