An increase in a firm's fixed cost will not change the firm's profit-maximizing output in the short run
Indicate whether the statement is true or false
TRUE
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Which of the following would not be considered a capital resource by economists?
A. A van used by a mother to transport the family around B. An office computer used by an accountant C. A crane used by a building contractor D. A camera used by a professional photographer
The tax you pay on your last dollar of income is called the
A. marginal rate of payment. B. average tax rate. C. marginal tax rate. D. marginal propensity to pay tax.
Consumers are willing to purchase a product up to the point where
A) the marginal benefit of consuming the product is equal to the marginal cost of consuming it. B) the consumer surplus is equal to the producer surplus. C) the marginal benefit of consuming the product equals the area below the supply curve and above the market price. D) the marginal benefit of consuming a product is equal to its price.
Refer to the information provided in Figure 20.1 below to answer the question(s) that follow.
Figure 20.1Refer to Figure 20.1. Which of the following statements is true?
A. Only the United States should produce alfalfa. B. Only Canada can benefit from trade. C. Both countries should produce both products. D. Only Canada should produce alfalfa.