Refer to the above table. When the quantity of labor equals 3, what does the average product equal?
A. 63
B. 17
C. 21
D. 189
Answer: C
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By selecting a bundle where MRS = MRT, the consumer is
A) achieving a corner solution. B) reaching the highest possible indifference curve she can afford. C) not behaving in an optimal way. D) All of the above.
In a first-price sealed-bid auction, the winner pays
A) its own, highest bid. B) the amount bid by the runner-up. C) the average of the three highest bids. D) the common value.
Numerous studies have shown that breathing second-hand cigarette smoke is harmful to your health. This suggests that a tax on cigarettes will:
A. have no effect on total economic surplus. B. increase total economic surplus. C. lead to a decrease in the price of cigarettes. D. decrease total economic surplus.
The industry that most closely approximates the conditions of the oligopoly model is:
A. restaurants. B. retail clothing. C. home construction. D. tires.