Refer to the above table. Suppose the firm hires 5 workers and the price of the good sold is $3. The marginal factor cost of labor must be
A) $3.
B) $100.
C) $300.
D) $900.
C
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A market situation in which a large number of firms produce similar but not identical products is called
A) pure monopoly. B) monopolistically competitive. C) oligopolistic behavior. D) perfectly competitive.
The Federal Reserve System was established by Congress in 1914
A. as a result of a breakthrough in economic theory. B. against significant opposition from the banking sector. C. because of the need for a central bank. D. as the world’s first central bank.
Exhibit 5-9 Supply and Demand Curves for Good X
?
As shown in Exhibit 5-9, the $200 per unit tax on Good X raises tax revenue per time period totaling:
A. $10,000. B. $20,000. C. $30,000. D. $60,000.
The opportunity cost of producing in low-income, developing countries rises over the product cycle, according to theory
Indicate whether the statement is true or false