A unique resource can serve as
A) an economic profit
B) a sunk cost
C) an entry barrier
D) none of these choices
C
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Suppose you were interested in increasing technological progress in your country. Suggest some ways to do it
What will be an ideal response?
Between 2007 and mid-2009, the value of the U.S. dollar expressed in Chinese yuan
A. was zero because it was illegal to sell yuan. B. decreased precipitously. C. increased sharply. D. remained essentially constant.
A firm maximizes its profit by producing that quantity of output for which
a. marginal revenue equals total revenue b. marginal revenue exceeds marginal cost by the greatest amount c. price is the greatest distance above average total cost d. the difference between total revenue and total cost is the greatest e. marginal cost equals average cost
______ is the percentage change in hours worked divided by the percentage change in wages—will determine the shape of the labor supply curve.
a. Elasticity of savings b. Cross-price elasticity of demand c. Income elasticity of demand d. Wage elasticity of labor supply