Figure 2.4 -Joe Runs a Business and Needs to Decide How Many

question 171

Multiple Choice

Figure 2.4
-Joe runs a business and needs to decide how many hours to stay open. Figure 2.4 illustrates his marginal benefit of staying open for each additional hour. Suppose that we observe Joe staying open 5 hours per day. If he is following the marginal principle, what must his marginal cost be?

• A) $40
• B) $32
• C) $16
• D) $24

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Definitions:

Demographic Factor

A characteristic used to classify populations for statistical purposes, such as age, race, gender, income, education, and employment.

Expanded The Franchise

This term refers to actions taken to widen voting rights to more members of society, often involving the removal of restrictions based on race, gender, or economic status.

Voter Turnout

The proportion of qualified electors who participate in an election by voting, reflecting public engagement in the electoral system.

Other Democracies

Other countries across the world that practice democracy, where governance is based on the principle of elected officials representing the people.