If the marginal product of labor is decreasing, then marginal cost of production must be rising
Indicate whether the statement is true or false
TRUE
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After graduating from college, Jim had three choices, listed in order of preference: (1) Move to Florida from Philadelphia, (2) work in a car dealership in Philadelphia, or (3) play soccer for a minor league in Philadelphia. His opportunity cost of moving to Florida includes
a. the benefits he could have received from playing soccer b. the income he could have earned at the car dealership c. both a and b d. cannot be determined from the given information
In contrast to private goods, public goods such as public radio are such that one person's consumption ________ diminish the amount available to others, and those who supply the public good ________ exclude those who do not pay
a. does; can b. does not; can c. does; cannot d. does not; cannot