The wealthy nations of the world have
a. the largest populations.
b. more supplies of natural resources.
c. more supplies of capital.
d. larger labor forces.
c
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Max has allocated $100 toward meats for his barbecue. His budget line and an indifference map are shown in the above figure. Which of the following best describes Max's preferences?
A) d > b > e B) d = b = e C) a = b > c D) a = b > e
If a monopsonist offers a wage of $6, he finds that 1,200 people are willing to work for him. This means that the:
a. marginal factor cost is $6. b. marginal factor cost is $200. c. total wage cost is $1,200. d. total wage cost is $7,200. e. $6 wage is too high.
Firms in monopolistic competition and oligopoly depend on some degree of brand loyalty. Which goods are able to command the most brand loyalty?
a. facial tissues b. cola drinks c. shampoo d. cigarettes e. toothpaste
The accompanying table shows a pizzeria's fixed cost and variable cost at different levels of output. Pizzas sell for $20 each.Number of Pizzas Per DayFixed Cost ($/Day)Variable Cost ($/Day)050002550015050500250755004501005008501255001,650 When the pizzeria makes 50 pizzas a day, its average total cost is ________.
A. $10 B. $15 C. $20 D. $5