When a California farmer decides to harvest lettuce using machines instead of by migrant workers, the farmer is answering the ________ part of one of the two big economic questions
A) "how"
B) "for whom"
C) "scarcity"
D) "what"
A
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Roughly 160 million people in the United States hold jobs.
Answer the following statement true (T) or false (F)
Suppose the demand curve for committing robbery can be represented by a downward sloping demand curve. In other words, as the price of committing a robbery falls, more robberies will be committed
Now, suppose laws are passed allowing people to carry guns unconcealed in public. Which of the following best explains the likely outcome? A) Demand for robberies will fall. B) Supply of robberies will increase. C) The elasticity of robberies will be perfectly inelastic. D) The quantity demanded of robberies will decrease because the price of robberies has risen.
The marginal cost and total revenue of a firm are $5 and $275, respectively. The reservation value of the seller in this case is ________
A) $0 B) $5 C) $55 D) $275
In the short run, if the average cost curve is shown as decreasing, it is because
A. fixed cost is spread out over larger amounts of production. B. it becomes cheaper to produce an infinite amount of goods. C. additional units of production are inferior. D. variable costs increase with each additional amount of production.