Labor costs $20 per worker and capital costs $100 per unit. Then, according to the above table, which of the following options for pizza production is economically efficient?
A) Option 1
B) Option 3
C) Option 4
D) Both options 1 and 3 are economically efficient.
D
You might also like to view...
Refer to Table 4-4. If a minimum wage of $10.00 is mandated there will be a
A) shortage of 20,000 units of labor. B) surplus of 40,000 units of labor. C) shortage of 40,000 units of labor. D) surplus of 20,000 units of labor.
Which of the following statements about economic efficiency is not true?
a. Economic efficiency is equivalent to Pareto optimality. b. Economic efficiency can be determined normatively. c. Economic efficiency is superior to equity. d. Economic efficiency can be evaluated positively.
In 2011, the U.S. federal government collected approximately what percentage of the taxes in the economy?
a. 10% b. 40% c. 50% d. 67%
Briefly describe the Sarbanes-Oxley Act and explain why it was passed
What will be an ideal response?