Cindy's Sweaters' production function is shown in the above table. Cindy rents two knitting machines for $30 a day each and hires workers at a wage rate of $40 a day. What is the marginal cost of the 19th sweater?
A) $40.00
B) $20.00
C) $10.00
D) $8.00
B
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Enacting a law controlling rents near a major university will increase the affordable housing for college students.
Answer the following statement true (T) or false (F)
Which definition of the money supply includes credit cards?
a. M1. b. M2. c. M3. d. None of these includes credit card balances.
Once a nation has been producing a good or service for some time,
a. its supply curve for that product is vertical b. its supply curve for that product is horizontal at the world price c. it often develops a comparative advantage in producing that good or service d. its moves along its production possibilities frontier and produces more of it e. its production possibilities frontier shifts outward
Summarize how the law of demand explains the effects of price on the quantity demanded
What will be an ideal response?