Is coal a produced factor of production?
No. Coal is a natural resource, and natural resources are not classified as produced factors of production.
You might also like to view...
In the figure above, the redistribution from the consumers to the producer if the firm is a single-price, unregulated monopoly rather than a perfectly competitive industry is
A) zero. B) $8.00 per day. C) $16.00 per day. D) $32.00 per day.
Apart from the Great Depression of the 1930s, which decade saw the largest rise in unemployment in the U.S.?
A) 1950s B) 1970s C) 1980s D) 1990s E) 2000s
Which of the following could increase the supply of labor in the market for cranberry pickers? (i) a change in the preferences of women toward full-time work (ii) an increase in the output price (iii) an increase in the wages paid to apple pickers (iv) a decrease in the wages paid to apple pickers
a. (ii) only b. (i), (ii), and (iv) only c. (i) and (iv) only d. (ii) and (iii) only
Figure 7-12
Refer to . When price falls from $50 to $40, it can be inferred that demand between those two prices is
a.
inelastic, since total revenue decreases from $8,000 to $5,000.
b.
inelastic, since total revenue increases from $5,000 to $8,000.
c.
elastic, since total revenue increases from $5,000 to $8,000.
d.
unit elastic, since total revenue increases from $5,000 to $8,000.