The equation MP L / PL = MP C / PC: a. designates the MR = MC level of output.
b. assumes imperfect competition in the hiring of labor and capital.
c. is a sufficient condition for the maximization of profits.
d. is a necessary, but not sufficient, condition for the maximization of profits.

If springfield is operating at full employment who is working a. everyone b. about 96% of the workforce c. the entire work force d. the robots

In which of the following games is it clearly the case that the cooperative outcome of the game is good for the two players and bad for society? a. two oil companies own adjacent oil fields over a common pool of oil, and each company decides whether to drill one well or two wells.b. two airlines dominate air travel between city a and city b, and each airline decides whether to charge a "high" airfare or a "low" airfare on flights between those two cities.c. two superpowers decide whether to build new weapons or to disarm.d. in all of the above cases, the cooperative outcome of the game is good for the two players and bad for society

When the benefit of one particular use of a resource is greater than the opportunity cost, then that resource is which of the following? a. not scarce b. being used efficiently c. a normal good d. non-excludable