The firm can calculate all points on its total cost curve if it knows
A. its production function.
B. the prices of inputs and of output.
C. its average cost at its optimal output level.
D. the prices of inputs and its production function.
Answer: D
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The intercept of the equation: Y = .09 + 1.5X is 1.5
Indicate whether the statement is true or false
Which of the following suggests that people have no control over the number of hours they work?
a. Most workdays last from 8 a.m. to 5 p.m. b. People make use of the opportunity for overtime. c. People make use of the opportunity to moonlight. d. People make use of early retirement options. e. Many workers hold more than one job.
___________________________—a term referring to the process of enacting laws that protect individual and entity rights to use their property as they see fit.
a. Property rights b. Rule of law c. Contractual rights d. Compliance rights
The scarcity problem:
A. persists only because countries have failed to achieve continuous full employment. B. persists because economic wants exceed available productive resources. C. has been solved in all industrialized nations. D. has been eliminated in affluent societies such as the United States and Canada.