If the ________ minus the ________ is positive, Project A is chosen over Project B
A) cost of Project A; cost of Project B
B) net benefit of Project B; net benefit of Project A
C) net benefit of Project A; net benefit of Project B
D) total benefit of Project B; total benefit of Project A
C
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According to the textbook, for most goods and services-foods, beverages, entertainment, etc.-the income elasticity of demand is:
A. larger in the short run than in the long run. B. larger in the long run than in the short run. C. about the same in the short run and in the long run. D. is difficult to differentiate from the short run to the long run.
Winnie's Car Wash is a perfectly competitive firm. The table above shows Winnie's total product schedule. If the price of a car wash is $5, what is the value of marginal product of the second worker?
A) $100 B) $20 C) $30 D) $125