The market demand curve for coffee is the same as the
A) marginal social cost curve of coffee.
B) marginal social benefit curve of coffee.
C) opportunity cost curve of coffee.
D) marginal social benefit curve minus the marginal social cost curve of coffee.
B
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If the marginal product of the second worker hired by a firm is 14 units and the price of the tenth unit of output is $7, then the marginal revenue product
a. of the second worker is $98, regardless of the structure of the product market b. of the second worker is $98 if the firm is a price searcher in the product market c. of the second worker is $98 if the product market is perfectly competitive d. of the tenth worker is $98 if the product market is perfectly competitive e. of the tenth worker is $98 if the firm is a price searcher in the product market
The Federal Reserve System is under the strict control of
a. the executive branch b. the legislative branch c. the judicial branch d. the International Monetary Fund e. none of the above
Which of the following is an example of a produced factor of production?
a. a plant in which automobiles are assembled b. skills that people accumulate in high school and college c. skills that people accumulate through experience in the workplace d. All of the above are correct.
Sales of shampoo by CleanHair, Inc., have recently decreased from 1,300 to 1,100 units in response to a price decrease from $7 to $5 by its main competitor. Assuming that everything else is being held constant, we can infer that
A. the cross-price ARC-elasticity (midpoints formula) between the two products is 2. B. the cross-price ARC-elasticity (midpoints formula) between the two products is -½. C. the cross-price ARC-elasticity (midpoints formula) between the two products is ½. D. the cross-price ARC-elasticity (midpoints formula) between the two products is -2.