A demand schedule relates prices of a particular good to quantities demanded
a. True
b. False
Indicate whether the statement is true or false
True
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When the slope of the total product curve is steep, the marginal product is
A) zero. B) negative. C) high. D) low. E) not defined.
The decision in the U.S. Steel case:
A. reflected a behavioralist approach to antitrust. B. reflected a structuralist approach to antitrust. C. divided U.S. Steel into a number of smaller companies. D. ruled that U.S. Steel had engaged in illegal price-fixing.
In the perfectly competitive market, the labor supply curve faced by the individual firm is ________, while that of the market is ________.
A. perfectly inelastic; upward sloping B. perfectly inelastic; perfectly elastic C. perfectly elastic; upward sloping D. perfectly elastic; perfectly inelastic
Suppose that a worker in Country A can make either 25 bananas or 5 tomatoes each year. Country A has 200 workers. Suppose a worker in Country B can make either 18 bananas or 6 tomatoes each year. Country B has 400 workers. Suppose Country A specializes in bananas, and Country B specializes in tomatoes. The limits to the terms of trade that Country A would find acceptable are Country A will give no:
A. less than 1 tomato for every 5 bananas. B. less than 5 bananas for each tomato. C. more than 5 bananas for each tomato. D. more than 1 tomato for every 5 bananas.