Refer to Table 15-1. When producing the profit-maximizing output, what is the amount of the firm's profit?
A) $335 B) $350 C) $880 D) $910
B
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Marginal and average taxes are
A. calculated using the same methodology. B. not used in modern tax analysis. C. not calculated using the same methodology. D. all of these answer options are correct.
A positive supply shock causes a leftward shift in the SRAS curve
a. True b. False Indicate whether the statement is true or false
Suppose Hank and Tony can both produce corn. If Hank's opportunity cost of producing a bushel of corn is 2 bushels of soybeans and Tony's opportunity cost of producing a bushel of corn is 3 bushels of soybeans, then Hank has the comparative advantage in the production of corn
a. True b. False Indicate whether the statement is true or false
Which of the following best illustrates the concept of "derived demand?"
a. An increase in the wages of auto workers will lead to an increase in the demand for robots in automobile factories. b. An automobile producer's decision to supply more cars will lead to an increase in the demand for automobile production workers. c. An automobile producer's decision to supply more minivans results from a decrease in the demand for station wagons. d. An increase in the price of gasoline will lead to an increase in the demand for small cars.