Which of the following can result in a decrease in the demand for I-Pods in the short run?
A) a decrease in the population
B) a decrease in real household incomes
C) a decrease in the price of MP4s
D) All of the above
A
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If a company wants an employee to average about $14.00 per hour to produce 60 units per hour, in addition to a base salary of $7.00 per hour, what should be the incentive rate per hour?
A. $0.117 B. $8.54 C. $1.25 D. $0.333
Lemonade, a good with many close substitutes, should have an own price elasticity that is:
A. relatively inelastic. B. perfectly inelastic. C. unitary. D. relatively elastic.
Why can't the government force a natural monopolist to produce the competitive output?
What will be an ideal response?
Total product divided by the variable input is
A. average total cost. B. average product. C. marginal cost. D. marginal product.