In order to calculate the value of the marginal product of labor, a manager must know the marginal product of labor and the wage rate of the worker

Economic profit is defined as

a. total revenue minus price b. price minus quantity c. total revenue minus what must be paid to resources to attract them from their best alternative use d. total revenue divided by what must be paid to resources to attract them from their best alternative use e. total revenue plus what must be paid to resources to attract them from their best alternative use

"Heuristics" used by the human brain are one of the reasons why:

A. Our preferences are quite stable and consistent B. Neoclassical economic models accurately predict human behavior C. Human perception is susceptible to context and prone to error D. The utility-maximizing model of decision-making is precise