Human capital is, in part, the
A) amount of money held by a worker.
B) stock of knowledge of a worker.
C) stock of plant and equipment.
D) stock of financial assets held by the public.
B
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Which explains why supply curves slope upward to the right?
A) Sunk costs B) Decreasing average costs C) Increasing marginal costs D) Multiple per-unit costs
The figure above shows short-run cost curves for a perfectly competitive firm. If the price of the product is $8, in the short run the firm will
A) make zero economic profit. B) make an economic profit. C) incur an economic loss. D) None of the above answers is correct because more information is needed to determine the firm's economic profit or loss.
The prisoners' dilemma provides insights into the
a. difficulty of maintaining cooperation. b. benefits of avoiding cooperation. c. benefits of government ownership of monopoly. d. ease with which oligopoly firms maintain high prices.
If supply increases, then:
A. demand will increase. B. the quantity demanded will increase. C. price will increase. D. the quantity demanded will decrease.