If the cross elasticity between tuna and chicken is –4.3, then we can conclude that these two goods are in the same market
Indicate whether the statement is true or false
F
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If the average product of labor curve is rising,
i. the average variable cost curve is falling. ii. the marginal cost curve is definitely falling. iii. the marginal product curve has reached its maximum. A) i and iii B) i only C) ii and iii D) i, ii, and iii E) ii only
The opportunity cost of obtaining more of one good is shown on the production possibilities frontier as the
a. amount of the other good that must be given up. b. market price of the additional amount produced. c. amount of resources that must be devoted to its production. d. number of dollars that must be spent to produce it.
For a monopoly, marginal revenue for all units greater than 1:
A. cannot be negative. B. is always greater than marginal cost. C. is zero when total profits are maximized. D. is always less than the price.
The figure above represents the relationship between output and cost in an industry with an external cost. When output is at D, what distance represents the marginal external cost?
A) AB B) BC C) CD D) BD E) None of the above answers is correct.