The market price of output affects
a. the supply of the resources used to produce it
b. the demand for the resources used to produce it
c. the marginal product of the resources used to produce it
d. the marginal resource cost of the resources used to produce it
e. the total cost of the resources used to produce it
B
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Data on wages, education, and many other characteristics of the population that are available to anyone who wants to use them are called:
A) public-use data. B) primary data. C) secondary data. D) private-use data.
The average cost curve shows the total cost divided by quantity produced for various levels of output.
Answer the following statement true (T) or false (F)
Comparative advantage is always a(n) ________ concept
A) absolute B) efficiency C) relative D) monetary
At an output of 6, ATC = $30, MC = $25, MR = $25. At that output the firm is
A. maximizing its profits. B. minimizing its losses. C. operating at its break-even point. D. operating at its shutdown point.