Refer to the graph shown. Demand is unit elastic when revenue is:
A. $4,000.
B. $10,000.
C. $6,000.
D. $8,000.
Answer: B
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Betty and Ann live on a desert island. With a day's labor, Ann can produce 8 fish or 4 coconuts; Betty can produce 6 fish or 2 coconuts
Ann's opportunity cost of producing 1 coconut is ________ and she should specialize in the production of ________. A) 8 fish per coconut; fish B) 2 fish per coconut; coconuts C) 6 fish per coconut; coconuts D) 0 fish per coconut; coconuts
In the long run, a firm in a perfectly competitive industry will supply output only if its total revenue covers its
A) implicit costs. B) fixed costs. C) explicit costs plus its implicit costs. D) explicit costs.
Collusion is more successful in a game that will continue forever or in a game with an uncertain ending time than in a game with a known ending time
What will be an ideal response?
Generally speaking, by 1860 which of the following groups could not vote in the U.S.?
a. white male citizens b. black males in New York and New England c. alien males in the agricultural Northwest d. white women in the North