To achieve an optimal factor mix for its current output the firm should employ more:
A firm operating in purely competitive product and resource markets uses three resources, A, B, and C, whose prices and productivities at current output levels are given below.
A. A and B and less C
B. A and B and C
C. A and C and less B
D. B and less A and C
C. A and C and less B
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A graph shows that the number of U.S. tourists visiting a Caribbean island increases as the temperature in the northeastern United States falls. The graph shows
A) a direct relationshi
For choice sets emerging from "exogenous" income, the budget line will shift parallel whenever both prices change by the same percentage.
Answer the following statement true (T) or false (F)
The long-run aggregate supply (LAS) curve
A) has a positive slope. B) has a negative slope. C) is vertical. D) is horizontal.
The above figure shows the marginal social benefit and marginal social cost curves of coffee in the nation of Kaffenia. When 400 pounds of coffee are produced and consumed in Kaffenia each day, that is
A) more efficient than when 300 pounds are produced and consumed because more is always better than less. B) inefficient because the marginal social benefit exceeds the marginal social cost. C) inefficient because the marginal social cost of the 400th pound exceeds its marginal social benefit. D) inefficient because the opportunity cost of producing more coffee exceeds its marginal social benefit.