The mechanical reaper was invented by
A. Eli Whitney.
B. The Marsh brothers.
C. John Deere.
D. Cyrus McCormick.
D. Cyrus McCormick.
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To maximize its profit, a perfectly competitive firm produces so that ________ and a single-price monopoly produces so that ________
A) MR = MC; MR > MC B) MR > MC; MR = MC C) MR = MC; MR = MC D) MR > MC; MR > MC E) P = ATC; P = ATC
In an increasing-cost industry the long-run supply curve is upward sloping
Indicate whether the statement is true or false
In Figure 4-6 above, with IS0 shifting to IS1 against the upward-sloping LM curve, at point 1
A) there is an excess demand for money. B) there is an excess supply of money. C) the demand for output exceeds Y1. D) the demand for output is below Y1.
If the opportunity cost of producing wheat in Canada is four buffalo and the opportunity cost of producing wheat in the U.S. is seven sheep then we know that
a. four buffalo must trade for seven sheep b. seven buffalo must trade for three sheep c. we have insufficient information to determine anything about their trade d. the U.S. should specialize in wheat e. Canada should specialize in wheat