A firm's long-run average cost curve represents the minimum cost of producing each level of output when the scale of production can be adjusted.
Answer the following statement true (T) or false (F)
True
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Quotas on an imported product benefit
A. domestic producers and hurt domestic consumers of the product. B. both domestic producers and consumers of the product. C. foreign producers and hurt foreign consumers of the product. D. both foreign producers and consumers of the product.
Using a Cobb-Douglas production function, Y/N = (K/N)b, the marginal product of capital is
A) b(K/N)b-1. B) b(K/N). C) (K/N)b-1. D) (K/Y)b.
Exhibit 4-8 Demand and supply curves
In Exhibit 4-8, a movement from A to B is best explained by:
A. an increase in income and in the number of suppliers. B. an increase in the price of other goods. C. an increase in the population. D. a decrease in income if X is a normal good and an improvement in the technology used to produce the good.
Refer to Table 1-2. What is Julius's marginal cost if he decides to stay open for three hours instead of two hours?
A) $0 B) $18 C) $54 D) $65