Use the information provided in Table 7.2 below to answer the question(s) that follow.
Table 7.2Inputs Required to Produce a Product Using Alternative Technologies
Refer to Table 7.2. If the hourly wage rate is $10 and the hourly price of capital is $50, which production technology should be selected?
A. A
B. B
C. C
D. D
Answer: D
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Refer to Table 2-8. What is Wilma's opportunity cost of making a statue?
A) 1/3 of a bench B) 6/7 of a statue C) 1/2 of a bench D) 3 benches
An investor will choose to diversify the portfolio to reduce risk.
Answer the following statement true (T) or false (F)
A profit-maximizing monopolist
a. never produces on the inelastic portion of the demand curve because it can increase profit by increasing output b. never produces on the inelastic portion of the demand curve because marginal revenue exceeds marginal cost c. always produces on the inelastic portion of the demand curve d. never produces on the elastic portion of the demand curve because there are no substitutes for the good it produces e. never produces on the inelastic portion of the demand curve because marginal revenue is negative there
In general, the structure of a business firm
A) looks like a market. B) looks like a flat network. C) is largely determined by legal considerations. D) seems more like a central planning agency than a market.