Moving along the total product curve, which of the following is held constant?
A) quantity of labor
B) total product
C) technology
D) total cost
E) None of the above answers is correct.
C
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Marginal cost is the cost
A) that your activity imposes on someone else. B) that arises from an increase in an activity. C) of an activity that exceeds its benefit. D) that arises from the secondary effects of an activity.
A standard deck of playing cards has 52 cards with 13 cards in each of the four suits; hearts, diamonds, spades, and clubs. Each of the four suits has a king card. If a single card is drawn from a standard deck, what is the probability that the card will be the king of spades?
A) 0.25 B) 0.077 C) 0.019 D) 0.05
Price elasticities of supply are always:
a. the same as price elasticities of demand. b. negative numbers. c. positive numbers. d. greater than one. e. increased when a tax is imposed.
Which of the following statements best describes firms under monopolistic competition?
a. There is little price or quality competition. b. The firms compete, using quality, location, advertising, and price. c. Firms do not compete using advertising. d. There is little competition between firms.