Which of the following would not cause a change in the supply of milk?
a. an increase in government subsidies to dairy farmers
b. an increase in the price of milk
c. the discovery of growth hormones to stimulate the milk production of cows
d. an increase in the cost of feed for cows
b
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Lynn owns Dust Bunnies, a cleaning company. In one week, she is able to clean 9 houses. If she hires an employee, together they are able to clean 15 houses per week
If Lynn charges $100 to clean a house, and she pays her employee $400 a week, should she hire this employee? A) Yes, because the value of marginal product of the worker is less than the wage. B) Yes, because the value of marginal product of the worker is greater than the wage. C) No, because the value of marginal product of the worker is greater than the wage. D) No, because the value of marginal product of the worker is less than the wage.
Other things equal, it can be concluded that in Figure 6-1, that
A. D1 is the more elastic demand curve than D2, but only below P2. B. D1 is the more elastic demand curve than D2. C. D1 is the less elastic demand curve than D2. D. D1 is the more elastic demand curve than D2, but only above P2.
If the opportunity cost of 1 wristwatch is 4 wall clocks in Japan and 2 wall clocks in Germany, it makes sense for Germany to produce wristwatches.
Answer the following statement true (T) or false (F)
A horizontal merger involves
A) the joining of two firms at different stages of the production process. B) the separation of management from ownership. C) the joining of two firms selling similar products. D) the exchange of debt for stock.