What is the level of net benefits when 20 units are produced?No. units producedTotal RevenueTotal Costs000101204020200100302701704031026050330370
A. 10
B. 100
C. 80
D. -100
Answer: B
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In a monopolistically competitive market
A) firms are price setters. B) barriers to entry are high. C) firms earn positive economic profit in the long run. D) products are undifferentiated.
A point on the per-worker production function shows:
a. the total output produced by the labor force of an industry on the vertical axis for each level of capital per worker on the horizontal axis. b. the marginal output per worker on the vertical axis for each level of worker per unit of capital on the horizontal axis. c. the marginal output per worker on the vertical axis for each level of capital per worker on the horizontal axis. d. the level of capital per worker on the vertical axis for respective average output per worker on the horizontal axis. e. the average output per worker on the vertical axis for each level of capital per worker on the horizontal axis.
Explain the effect of the following changes on equilibrium price and quantity of a commodity: (a) increase in average incomes. (b) increase in population
Income elasticity of demand measures how
a. the quantity demanded changes as consumer income changes. b. consumer purchasing power is affected by a change in the price of a good. c. the price of a good is affected when there is a change in consumer income. d. many units of a good a consumer can buy given a certain income level.