The most common type of firm in the United States is the
A. corporation.
B. proprietorship.
C. partnership.
D. limited partnership.
Answer: B
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At Albert's Pretzel Company, MPL = 1/L, and MPK = 1/K. The isoquant for 100 pounds of pretzels daily is shown in the above figure
Albert minimizes the cost of producing 100 pounds of pretzels daily by hiring 5 units of labor and 10 units of capital when w = 50 and r = 25. When r rises to 100, what is the minimum cost of producing 100 pounds of pretzels daily in the short run? in the long run?
All of the following are possible funding sources for the government EXCEPT
A) user charges. B) taxes. C) interest income collected from government bonds. D) borrowing.
Because smoking causes illness and disability to smokers, society must maintain more health-service capacity than it would need in the absence of smoking. Since the cost of maintaining this capacity is covered to a substantial degree by health insurance, even nonsmokers must pay higher premiums. Also, smokers hurt nonsmokers as a result of "passive smoke." The Rand Corporation estimates these
costs to be 29 cents per pack of cigarettes. Cigarette taxes average 37 cents per pack. Based on the economist's definition of efficiency, it follows that a. cigarette taxes are too high, and cigarette production is lower than the efficient amount. b. cigarette taxes should be increased until external costs are zero. c. since the tax exceeds the marginal cost, we have a better than efficient outcome. d. we are overconsuming cigarettes.
In the long run, the supply curve
A. is less elastic than it is in the short run. B. is more elastic than it is in the short run. C. exhibits no change in elasticity at all. D. exhibits no systematic sequence of changes in elasticity.