Refer to Figure 3-6. What is Greg's opportunity cost of producing ice cream? Explain how you derived your answer.

When a competitive firm hires labor up to the point at which the value of the marginal product of labor equals the wage, it also produces output up to the point at which marginal cost is equal to __________.

Which state passed the first limited liability company (LLC) statute in 1977?

A) Wyoming
B) Nevada
C) Montana
D) Nebraska

The executive branch of the government can exercise control over an administrative agency through

A) the president's veto powers.
B) legislation that takes away the agency's power.
C) judicial review of agency actions and decisions.
D) none of the choices.

All Natural Grocer hired Tim to maintain inventory records and Jenny to place orders for new inventory when stocks run low. To ensure that the warehouse can continue to function when either is on vacation, the company also trained Tim to place orders and trained Jenny to maintain inventory records. Which training method does this situation illustrate?

A) coordination training
B) experiential training
C) behavior modeling
D) cross-training
E) action learning

Dasat Automotives intends to remodel the design of its cars' existing interiors to increase the level of the car seats' comfortability. This change exemplifies:

A) effectiveness-improving innovation.
B) viability innovation.
C) existential innovation.
D) performance-improving innovation.

Refer to Scenario 9-2. With no trade allowed, how much are consumer surplus, producer surplus, and total surplus in this market?