In efficient markets, profit opportunities are quickly eliminated as they develop.
Answer the following statement true (T) or false (F)
True
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Other things being equal, you can make $20,000 a year teaching, $25,000 a year typing, $30,000 a year driving a cab, and $40,000 a year as a chef. You have a comparative advantage in
A) teaching. B) driving a cab. C) being a chef. D) one of them but we need more information to know which.
If the price of gasoline rises by 20 percent and consumption of gasoline falls 5 percent,
a. demand is elastic. b. demand is unit-elastic. c. demand is inelastic. d. elasticity of demand cannot be calculated.
Number of CakesVCMCAVCFCTCATC0???50??1?30????2?????503??25???4????155?
Table 5.3 presents the cost schedule for Candy's Cakes. If Candy produces two cakes, Candy's marginal cost is:
A. $0. B. $20. C. $25. D. $50.
Which of the following is TRUE?
A. MPC + MPS = 1 -APC B. APC + APS < 1 C. APC + MPS > 1 D. APC + APS = MPS + MPS