In the economic way of thinking, what do entrepreneur's and bureaucrats have in common?
A) They each advance projects solely in the public interest.
B) They each advance projects only if the expected marginal benefits exceed the expected marginal costs.
C) They each advance projects only if the expected marginal benefits are less than the expected marginal costs.
D) They each advance projects only if they impose no negative externalities.
B
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Given the data in Table 6.1, if the workers who are "not employed and not looking for work" were counted as not employed and in the labor force, the unemployment rate of Metropolis would be approximately
A) 4 percent. B) 7 percent. C) 9 percent. D) 10 percent.
Refer to Market Diagram. Suppose this firm initially acted competitively. If the firm switched to the monopoly equilibrium, how much deadweight loss would be created?
The following questions refer to the accompanying market diagram. PC and QC are the equilibrium price and quantity if the firm behaves competitively, and PM and QM are the equilibrium price and quantity if the firm is a simple monopoly.
a. Area E + H.
b. Area G + H.
c. Area B + D + E + G + H.
d. Area D + E + G + H.