Because of economic scarcity
a. there are not enough jobs for everyone
b. people are afraid to become entrepreneurs
c. the government interferes in the economy
d. businesses cannot obtain the resources they need
e. people and organizations have to allocate resources carefully
E
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A profit-maximizing firm that uses an efficiency wage and monitors will increase the wage it pays its workers until
A) the worker requires no monitoring. B) the worker receives the market wage and requires full-time monitoring. C) the cost of monitoring the worker equals the efficiency wage. D) the change in the workers' productivity from being monitored times the per time unit cost of monitoring equals one.
Which of the following does not illustrate opportunity cost?
a. If I study, I must give up going to the football game. b. If I buy a computer, I must do without a 35" television. c. If I spend more on clothes, I must spend less on food. d. All of these illustrate opportunity cost.