Jim is planning on attending a football game. He paid $40 for the ticket. He will have to take the day off losing 8 hours of work. His hourly wage is $10 . He estimates it will cost him around $20 for gas and parking at the game. Jim's accounting (out of pocket) cost of attending the game equals

Efficiency-wage theory suggests that paying

a. low wages might be profitable because they raise the efficiency of a firm's workers. b. low wages might be profitable because they lower the efficiency of a firm's workers. c. high wages might be profitable because they raise the efficiency of a firm's workers. d. high wages might be profitable because they lower the efficiency of a firm's workers.

A monopolistic competitor is in long-run equilibrium when

A) economic profits are equal to zero and the average total cost curve is tangent to the demand curve. B) economic profits are equal to zero and the marginal cost curve is tangent to the demand curve. C) economic profits are greater than zero and the average total cost curve is tangent to the demand curve. D) economic profits are greater than zero and the marginal cost curve is tangent to the demand curve.