Refer to Figure 12-2. Why is the total revenue curve a ray from the origin?
A) because the firm can sell its product at a constant price
B) because revenue increases at a decreasing rate
C) because the firm must lower its price to sell more
D) because revenue increases at an increasing rate
A
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Holding other factors constant, if 3D-printing technology allows factory workers to manufacture more products per hour, then the real wages of factory workers will ________ and employment of factory workers will ________.
A. increase; increase B. decrease; increase C. increase; decrease D. decrease; not change
Which of the following indicates when Stage II ends and Stage III begins in the short-run production function?
A) when AP = 0 B) when MP = 0 C) when MP = AP D) when MP starts to diminish
Which of the following is an example of a capital good?
A. A new speaker system sold to an automaker for installation in a car B. A metal-stamping machine used to produce cars sold to an automaker C. A new mobile phone sold to a teenager D. A new car sold to a family
All games involve which of the following?
A. Chance events B. Cards C. Rules D. Dice