The above figure shows the isoquants for producing steel. Decreasing returns to scale are
A) present when producing more than 10,000 tons.
B) present when producing more than 20,000 tons.
C) present when producing more than 30,000 tons.
D) never present.
B
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In an unregulated, competitive market producer surplus exists because some
A) consumers are willing to pay more than the equilibrium price. B) producers are willing to take more than the equilibrium price. C) producers are willing to sell at less than the equilibrium price. D) consumers are willing to purchase, but only at prices below equilibrium price.
Refer to the following figure. The price of capital is $50 per unit:
What is the minimum cost of producing 400 units of output?
A. $3,000 B. $4,000 C. $5,000 D. $6,000 E. none of the above
Kara is considering migrating to another country. Which of the following represents a cost she will face if she decides to move?
A. Financial expenditures to transport herself and her belongings to her new country. B. The income she currently earns in her home country. C. The application fee for a green card. D. All of these.
What happens to the real wage rate and potential GDP if population increases?
What will be an ideal response?