Which furniture production process would have the highest production function?
A. Furniture made by handsaw and hammer
B. Furniture made with power equipment
C. Furniture with a mix of handmade and automated labor
D. Furniture made in an automated furniture factory
Answer: D
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The menu cost theory suggests that
A) wages and prices move freely and quickly. B) the economy is characterized only by perfect competition. C) there will be no unemployment. D) firms find frequent price changes to be costly.
Which of the following will result in the most deadweight loss?
A) a natural monopoly regulated with marginal cost pricing B) an unregulated natural monopoly C) a natural monopoly regulated with average cost pricing D) All of the above result in the same deadweight loss.
Cross-section data observed at several points in time are called inverted data
Indicate whether the statement is true or false
In the market for eggs, a removal of the price ceiling on eggs results in:
a. an increase in the demand for eggs. b. farmers supplying more eggs to the market. c. consumers demanding a larger quantity of eggs. d. farmers supplying less eggs to the market. e. consumers demanding a smaller quantity of eggs.