A sole proprietorship produces only one good
Indicate whether the statement is true or false
F
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Frank owns an apple farm and plans to spend 4 hours today picking apples. The number of apples he can pick per hour depends on the total number of hours he spends working in either the east orchard or the west orchard in the manner shown in the table below.Hours inEastOrchardNumber ofApples PerHourHours inWestOrchardNumber ofApples PerHour140110232210325310420410How should Frank divide his time between the east and the west orchard?
A. He should spend all 4 hours in the east orchard. B. He should spend 2 hours in east orchard and 2 hours in the west orchard. C. He should spend 3 hours in the east orchard and 1 hour in the west orchard. D. He should spend 1 hour in the east orchard and 3 hours in the west orchard.
Which of the following is CORRECT? Factors of production are
A) land, labor, the price system, and capital. B) the inputs used to produce goods and services. C) the fundamental source of abundance. D) only land and labor.
If the income elasticity of demand for corn is 0.5, then as income increases
A) the demand for corn will increase. B) the demand for corn will decrease. C) corn will prove to be an inferior good. D) the supply curve of corn will shift leftward.
A perfectly competitive firm sells its output for $100 per unit and marginal cost is $100 per unit. To maximize short-run profit, the firm should:
a. increase output. b. decrease output. c. maintain its current output. d. shut down.