Use the information provided in Table 7.4 below to answer the question(s) that follow.
Table 7.4Inputs Required to Produce a Product Using Alternative TechnologiesTechnologyUnits of CapitalNumber of EmployeesA 836B 1224C 1616D 24 12Refer to Table 7.4. If the hourly price of capital is $20 and the hourly wage rate is $14, which production technology should be selected?
A. A
B. B
C. C
D. D
Answer: C
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A monopolistically competitive firm
A. tries to differentiate its product from competitors’ products. B. faces a perfectly elastic demand curve for its product. C. has more monopoly power in the long run than does a perfectly competitive firm. D. is always a retail establishment.
Which of the following statements is true of Bitcoin transactions?
a. All Bitcoin transactions are published on the Internet, but individuals' identifying addresses are kept confidential. b. Bitcoin customers' addresses are published on the Internet but the transaction details are kept confidential. c. In terms of confidentiality, Bitcoins rank slightly below checking accounts but far above cash transactions. d. One benefit of Bitcoins is they cannot be lost to computer hackers.
Refer to the diagram. This firm's average fixed costs are:
A. not shown.
B. the vertical distance between AVC and MC.
C. the vertical distance between AVC and ATC.
D. equal to the per unit change in MC.
Refer to the information provided in Figure 3.9 below to answer the following question(s).
Figure 3.9Refer to Figure 3.9. Assume there are only two people in the market for coconuts: Sasha and Kyle. Along the market demand curve for coconuts, at a price of ________, quantity demanded would be ________.
A. $10; 9 B. $14; 9 C. $10; 10 D. $14; 8