Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The marginal rate of transformation in moving from Point A to Point B is
A. -2/3.
B. -1.5.
C. -3.
D. -30.
Answer: B
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Suppose there are no recurring fixed costs and the daily production process for all identical firms in a perfectly competitive industry has decreasing returns to scale throughout. Then each firm will only produce a single good each day when the industry is in long run equilibrium.
Answer the following statement true (T) or false (F)
Suppose that during a given month 200,000 persons who had been self-employed leave their business and get jobs working for other businesses. This will cause
A) the unemployment rate to rise. B) the unemployment rate to fall. C) payroll employment to rise. D) payroll employment to fall. E) no change in either the unemployment rate or payroll employment.
According to the real business cycle model, a rightward shift in the long-run aggregate supply schedule would be caused by ________
A) a negative supply shock B) an increase in aggregate demand C) a positive supply shock D) a decrease in aggregate demand
Refer to the table below. What is the profit-maximizing number of quality units for Stuffed Pies to produce?
Stuffed Pies is a frozen calzone manufacturer. The table above summarizes Stuffed Pies' marginal revenue and marginal cost of quality at various quality amounts.
A) 9
B) 11
C) 7
D) 13