The figure shows the total product curve for a ski manufacturer. How many workers should the firm hire if its objective is to maximize its weekly production?
a. 1
b. 3
c. 2
d. 4
b. 3
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A change in demand means that
a. more will be bought at a lower price. b. a changed amount will be bought at the same given prices. c. less will be purchased at a higher price. d. the quantity demanded changes as the price changes.
A local store noticed that when it increased the price of milk from $2.50 to $3.50 per gallon, it sold 33% less milk. Since everything else remained the same, we would say the
a. demand for milk is perfectly elastic b. demand for milk is elastic c. demand for milk is perfectly inelastic d. demand for milk is unitary elastic e. law of supply does not apply in this situation
Use a pizza pie analogy to discuss the trade off between income equality and economic efficiency
What will be an ideal response?
Moral hazard occurs when one party to a contract changes his behavior in response to that contract and thus passes on costs of that behavior to the other party.
Answer the following statement true (T) or false (F)