Refer to Figure 10.1. The minimum feasible price is ________
A) P1
B) P2
C) P3
D) P4
E) none of the above
C
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The framers of the Constitution sought to limit the economic role of the government as evidenced by
A) all of the above. B) the enumeration of the permissible powers of the federal government in Article I, Section 8. C) the 5th Amendment's limitation on the government's power to take private property. D) the 10th Amendment's allocation of all non-enumerated powers to the states and the people.
The individual supply curve for labor is the relationship between the wage and the quantity of labor that:
A. all workers are willing to provide. B. any given worker is willing to provide. C. all firms are willing to employ. D. any given firm is willing to employ.
The division of labor refers to
A) the separation of blue-collared workers and white-collared workers. B) finding the best order of performing tasks. C) the separation of workers into union workers and non-union workers. D) the assignment of different workers to different tasks.
According to David Ricardo's explanation of land rent, what happens when the demand for land increases?
A. Revenues to owners of land increase but economic rent declines. B. The amount of economic rent stays constant, constrained by a perfectly inelastic supply curve. C. The supply curve shifts to the right just enough to keep the price per acre constant. D. Both revenues to owners of land and economic rent increase.