Refer to the table below. At the $3 price for labor the most efficient technique will result in an:
The following table illustrates alternative production techniques for producing 18 widgets that can be sold for $1 each for a total revenue of $18.
A. Economic loss of $2
B. Economic profit of $l
C. Economic profit of $2
D. Economic profit of $3
Answer: B
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If demand for clean water is specified as P = 140 – 2Q, and the market price is $40, then consumer surplus at that price level is
a. $2500 b. $3000 c. $1600 d. $50
If the quantity of money increases, the
A) price level rises and the AD curve does not shift. B) AD curve shifts leftward and aggregate demand decreases. C) AD curve does not shift and there is a movement upward along the curve. D) AD curve shifts rightward and aggregate demand increases.
Derivatives can be used to reduce risk, but they also can be a source of risk in themselves.
Answer the following statement true (T) or false (F)
Suppose a monopolist and a competitive price-taker firm have the same cost curves. The monopoly firm would
a. charge a lower price than the competitive price-taker firm. b. charge a higher price than the competitive price-taker firm. c. charge the same price as the competitive price-taker firm. d. refuse to operate in the short run unless an economic profit could be made. e. refuse to operate in the short run if an economic loss was present.