The price of non-work activities is:
A) zero.
B) equal to the opportunity cost of those activities.
C) less than the opportunity cost of those activities.
D) greater than the opportunity cost of those activities.
B
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An activist policy to promote high employment ________
A) could lead to inflationary pressures from an ensuing temporary negative supply shock B) might incentivize workers to push for higher wages beyond what productivity gains can justify C) could lead to inflationary pressures from an ensuing increase in aggregate demand D) all of the above E) none of the above
Which of the following is true of marginal revenue for a monopolist that charges a single price?
a. P = MR because there are no close substitutes for the monopolist's product. b. P > MR because the monopolist must decrease price on all units sold in order to sell an additional unit. c. P < MR because the monopolist must decrease price on all units sold in order to sell an additional unit. d. AR = MR because there are no close substitutes for the monopolist's product. e. P = MR only at the profit-maximizing quantity.