A lawn service is deciding whether to add an additional employee to its summer crew. The marginal cost of hiring this worker depends on the
A) total amount paid to only the new worker.
B) total amount paid to all previously hired workers.
C) the total amount paid to all the workers, both the new one and the previously hired workers.
D) the additional revenue created by having an additional worker minus the cost of hiring the worker.
A
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The "East Asian Miracle" of the "Four Tigers" in the 1960s was replicated by
A) developing countries around the world. B) other East Asian countries. C) Sub Sahara African countries. D) Industrialized countries. E) Eastern European countries.
For each of the following statements, state whether the statement is true, false, or uncertain and explain why
i. A risk neutral person is indifferent to a gamble and the expected value of the gamble. ii. A risk-averse person will never accept a gamble. iii. A risk-loving person will accept any gamble.