Refer to Figure 13-8. What is the firm's profit-maximizing price?
A) $12 B) $13 C) $14 D) $16
D
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Are the wages of the pilots marginal costs or sunk costs to an airline trying to decide whether to add a late-night flight from Seattle to San Francisco? They are
A) marginal costs because pilots are indispensable to the flight. B) sunk costs if the pilots will receive no additional compensation for the flight. C) marginal costs because they will be paid after the flight rather than before. D) sunk costs because pilots' wage rates are determined by a contract already existing.
Over the past twenty years, the number of small family farms has fallen significantly and in their place there are fewer, but larger, farms owned by corporations. Which of the following best explains this trend?
A) diminishing returns to labor in farming B) declining productivity C) diseconomies of scale in farming D) economies of scale in farming
Economists initially viewed the Phillips curve as a structural relationship, meaning that the relationship between the two measured variables
A) can change only slightly over time. B) can change greatly over time. C) will not change over time. D) will change in the short run but not in the long run.
Which country was among the lowest ranking by the World Bank for effective protection of property rights and rule-based governance?
a. South Korea b. Venezuela c. Central African Republic d. Iran