Refer to Figure 11-15. What is the combination of inputs that produces 200 gooseberry pies at the lowest cost?
A) combination e: 10 hours of labor and 48 units of capital
B) combination f: 40 hours of labor and 24 units of capital
C) combination g: 60 hours of labor and 14 units of capital
D) combination h: 60 hours of labor and 9 units of capital
B
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To maintain their economic profits, firms in monopolistic competition must continually engage in
A) product innovation and development. B) lowering their product's price. C) raising their product's price. D) realizing short-run losses. E) making the demand for their product more elastic.
Suppose the Euros per U.S. dollar exchange rate is 2 . The aggregate price level in France is 100, and the aggregate price level in the United States is 125 . The real exchange rate between the two countries is _____
a. 2.5 b. 2 c. 1.6 d. 2.4
Higher levels of carbon dioxide may have led, over the past century, to approximately a
a. 1 degree (F) warming of the earth. b. 10 degree (F) warming of the earth. c. 1 degree (F) cooling of the earth. d. 10 degree (F) cooling of the earth.
Producers have an incentive to produce those goods most desired by consumers at the lowest price in
A. a centrally planned economy. B. a communist economy. C. a market economy. D. All of the choices are true.