Refer to the table above. What is the average variable cost of producing 86 units of the good?
A) $30
B) $0.35
C) $2.1
D) $10
B
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The following graph is the production possibility curve for a three-person economy, with workers Janna, Drew, and Kari.
Who has the greatest comparative advantage in rice production?
A. Drew B. Kari C. Janna D. None of them
An externality is
A. a third-party benefit or cost that is associated with the production of a good. B. transaction costs. C. government intervention in the markets. D. when external forces such as war or flood affect the market.
Firm A is a monopoly. The demand for its output is p = 90 - Q. Production is such that Q = L. Firm A hires labor in a competitive market where the wage is $10. Firm A will hire
A) 10 units of labor. B) 20 units of labor. C) 30 units of labor. D) 40 units of labor.
Suppose that an economy is initially operating at a point on its PPC. If it then experiences an expansion in its production capacity, but its total spending does not rise as fast as its capacity, the economy will end up:
A. Still on its PPC B. Outside its PPC C. Inside its PPC D. On one of the axes of its PPC