In economics
A. resources are unlimited but wants are limited.
B. both resources and wants are unlimited.
C. both resources and wants are limited.
D. resources are limited but wants are unlimited.
Answer: D
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The value of marginal product of labor is the increase in
A) revenue created by producing one more unit of output. B) revenue created by hiring one more unit of labor. C) total product necessary to make revenue increase by one dollar. D) total product generated by hiring one more unit of labor.
Technological efficiency occurs when it is not possible for a firm to get more output from the inputs it is currently using
Indicate whether the statement is true or false
The government in the country of Zappoo is trying to decide which tax plan to implement. The table above shows three alternative plans. If the government decides to implement a progressive income tax, it will implement tax plan ________
A) A B) B C) C D) A or B
In perfect price discrimination, which of the following are reduced to zero?
a. Consumer surplus and producer surplus b. Producer surplus and deadweight loss c. Consumer surplus and deadweight loss d. Producer surplus and total welfare