Exhibit 7-5 Workers and output data
Laborers
TotalProduct
0
0
1
8
2
20
3
25
4
28
5
29
In Exhibit 7-5, diminishing returns set in when the ____ worker is hired.
A. first
B. second
C. third
D. fourth
Answer: C
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The total revenue curve of a monopolist is at its maximum point when:
A) marginal cost is zero. B) marginal cost is positive. C) marginal revenue is zero. D) marginal revenue is positive.
If the marginal utility of each good consumers buy does not diminish but remains constant, we should witness consumers:
a. buying no goods at all. b. spending all of their income on the good with the highest MU. c. buying one of each good. d. buying only the least expensive goods. e. become indifferent to what goods they buy.
Which is the most accurate statement?
A. In the long run the perfect competitor makes an economic profit. B. Most perfect competitors are large firms. C. In the long run the perfect competitor's price is equal to average total cost. D. The long and the short run for the perfect competitor are identical.
Refer to the information provided in Table 2.2 below to answer the following question(s).Table 2.2?MollyPeteAvatar Design68Tattoo Design32Refer to Table 2.2. For Pete, the opportunity cost of designing three tattoos is ________ avatar designs.
A. 6 B. 12 C. 24 D. an indeterminate number of