Using the table, how many units of land, labor, and capital would you hire?
5 units of land; 6 units of capital; and 4 units of labor.
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A Tiebout model involves
A. completely mobile individuals. B. governments generating no externalities. C. perfect information. D. all of these answer options are correct.
In the long run, a perfectly competitive market produces at ________, whereas the monopolistic competitive firm does not
A) the output at which the lowest average total cost of production is reached B) an output level at which positive economic profits exist C) zero economic profits D) the point at which MR = MC=ATC
Games with a negative-negative outcome:
A. must have a noncooperative equilibrium. B. are not necessarily the best outcome for the players involved. C. result from players acting in their own self-interest. D. All of these statements are true.
Answer the following statements true (T) or false (F)
1. If the government subsidizes the car makers in the production of cars, then the supply of steel increases. 2. An increase in both supply and demand will lead to an increase in the equilibrium price and an indeterminate change in the equilibrium quantity. 3. A decrease in the price of digital cameras will cause the demand for memory cards to shift to the left. 4. If the demand for electronic readers and tablets increases, then their supply will increase as price rises.