Which of the following average cost functions suggests the presence of a natural monopoly?
A) AC = 2
B) AC = 100/Q + 2
C) TC = 100/Q + 2Q
D) All of the above.
B
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What two explanations are offered for why unions have declined?
What will be an ideal response?
The opportunity cost of going to college includes: a. both tuition and the value of the student's time
b. tuition, but not the value of the student's time, which is a non-monetary cost. c. neither tuition nor the value of the student's time, since obtaining a college degree makes one's income higher in the future. d. neither tuition nor the value of the student's time, at least at state-supported universities and colleges.
The tasks performed by the chef at your favorite restaurant could be categorized as
A. a service or intangible good. B. an economic good. C. a good. D. All of the above are correct.
The marginal product of labour is defined as
a) the amount of output produced by a given labour force b) the minimum amount of workers required to produce a given level of output c) the increase in productivity of the marginal worker if capital is increased d) the amount of output one more worker could produce given other factors of production are fixed e) the cost of employing another worker