In the above figure, the minimum efficient scale of output is
A) 5,000 pounds of coffee.
B) 10,000 pounds of coffee.
C) 13,000 pounds of coffee.
D) 15,000 pounds of coffee.
B
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Refer to Table 2-10. Which of the following statements is true?
A) Barney has a comparative advantage in making unicycles and Fred in making pogo sticks. B) Barney has a comparative advantage in making pogo sticks and Fred in making unicycles. C) Barney has a comparative advantage in making both products. D) Fred has a comparative advantage in making both products.
Draw two graphs: one showing the relationship of average product, marginal product, and total product; the other showing the relationship of AFC, AVC, and ATC. Then relate the shape of the marginal product to that of the marginal cost.
What will be an ideal response?
When the average variable cost curve is upward sloping, what must be true about the marginal cost curve?
A) It is U-shaped. B) It is above the average variable cost curve. C) It is upward-sloping. D) It is below the average variable cost curve. E) It is a straight line.
Which of the following forms of money is the least liquid?
A. dollars B. checking account deposits C. passbook savings D. certificates of deposit