Suppose eating soybeans leads to less cancer and heart disease. What effect would people eating more soybeans likely have on feed corn (a product also grown on land used to grow soybeans)?
A) The supply of feed corn will decrease.
B) The cost of producing feed corn will increase.
C) The price of feed corn will increase.
D) All of the above.
D
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If a tax is placed on tires, then i. the equilibrium quantity of tires will decrease. ii. a deadweight loss will be created. iii. the producer surplus will decrease
A) i only B) ii only C) i and iii D) i and ii E) i, ii, and iii
An efficient allocation of productive inputs requires that:
a. each output has the same rate of technical substitution among inputs used. b. each output has the same marginal rate of substitution for consumers. c. each pair of outputs has the same rate of product transformation. d. each individual has the same marginal rate of substitution between outputs.
Income assistance programs
a. require that the recipient work and contribute to the program b. are designed to replace lost income c. include unemployment compensation and Medicare d. are funded exclusively by the federal government e. include both cash and in-kind transfer programs
Which of the following could create a cost advantage for a? monopoly?
A) better technology B) lower friction due to better organization C) standardization D) All of the above