Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point F
A. is efficient and attainable.
B. cannot be produced with the current state of technology.
C. represents underallocation of resources.
D. represents what the people want.
Answer: B
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Suppose the short-run production function is q = L0.5. If the marginal cost of producing the tenth unit is $5, what is the wage per unit of labor?
A) $1 B) $0.5 C) $0.25 D) It cannot be determined without more information.
Justin never keeps track of the sales and discounts offered in the stores at various times of the year, while his sister does. This implies that Justin has a higher price elasticity of demand than his sister
Indicate whether the statement is true or false
If the exchange rate between the Mexican peso and the U.S. dollar expressed in terms of pesos per dollar is 13.5 pesos = 1 dollar, what is the exchange rate when expresses in terms of dollars per peso?
What will be an ideal response?
Use the figure below to answer the following question.
If a price floor in this market is set at P1, then
A. deadweight loss equals area h. B. no deadweight loss occurs. C. deadweight loss equals area d. D. more information is needed to find deadweight loss.