If labor is a firm's only variable input, marginal cost ultimately depends on
a. fixed cost
b. how much profit is made
c. the price of the good produced
d. how much output each worker produces
e. fixed cost per unit
D
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In this chapter, virtue can lead to material gain and therefore it can be an important part of the social order. Evaluate this view of virtue or moral behavior. Is material gaining a sufficient motive for morality? Is moral behavior based on more than the possibility for personal gain?
What will be an ideal response?
Which of the following statements is true? a. Over time, when demand for health care continues to rise relatively more than supply, the cost of health care falls. b. Over time, when demand for health care continues to rise relatively more than supply , the cost of health care continues to rise. c. An increase in the demand for health care is accompanied by an outward shift in the supply curve
d. The price of health care rises either with a fall in demand or an increase in supply. e. The change in the demand for health care with no change in supply causes the price to fall continuously.
Recall the Application about the harmattan and how it affects the price of cocoa to answer the following question(s).According to this Application, the recent result of the harmattan was to ________ the equilibrium price and ________ the equilibrium quantity of cocoa.
A. increase; increase B. increase; decrease C. decrease; increase D. decrease; decrease
Suppose that when the price of oranges decreases, Sarita decreases her purchases of peaches. To Sarita
A) oranges and peaches are normal goods. B) oranges and peaches are substitutes. C) oranges and peaches are complements. D) oranges and peaches are inferior goods.