Every time you go to the grocery store, you try to wait in the shortest line. But the lines always seem to be roughly the same length. Why?
A. The cashiers do not have an incentive to work faster.
B. The cashiers work at the same speed.
C. Other people are trying to choose the shortest line too.
D. Random chance equalizes the length of the lines.
Answer: C
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Martha's Cleaning Services is a perfectly competitive firm that currently cleans 30 offices a week and charges $20 per office, which is the going market price. Martha's marginal cost is $15
What should Martha do to increase her economic profit? Clean more offices? Raise her price? Explain your answer.
According to the Keynesian model, the optimal fiscal policy is to
a. increase cyclical but not structural deficits during a recession. b. reduce cyclical and structural deficits during a recession. c. increase structural deficits during an recession. d. maintain a balanced budget in case of national emergency.