Refer to Table 1-3. Using marginal analysis, how many hours should Ivan extend his hours of operations?
A) 2 hours B) 3 hours C) 4 hours D) 5 hours E) 6 hours
D
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Producer surplus is the difference between ______.
a. what a producer is paid for a good and the cost of producing one unit of that good b. what a consumer is willing and able to pay for one unit of a good and the price actually paid c. the profit a producer makes and the profit remaining after taxes are paid d. the number of goods produced and the number of goods sold
The mental and physical capacity of workers to produce goods and services is known as:
A. labor. B. entrepreneurship. C. value judgment. D. product sensitivity.
The figure above shows the market for coffee. If one firm owns all the coffee outlets and sells 10 million pounds of coffee a month
A) the market is efficient because the marginal social benefit from coffee exceeds its marginal social cost. B) the market is efficient because the total social benefit from coffee exceed the total social cost. C) there is a deadweight loss because the marginal social benefit from the last pound of coffee exceeds its marginal social cost. D) there is a deadweight loss because the marginal social cost of the last pound of coffee exceeds its marginal social benefit.
A major technological advance would be represented on a production possibilities curve by a(n):
a. movement off the production possibilities curve toward a point outside the curve. b. movement toward the curve from a point inside the curve. c. outward shift of the entire curve. d. movement to the left along the curve to a higher point.