Isoquants are the ______ created by the ______.
A. contour lines; production function
B. contour lines; efficient production frontier
C. tangent lines; production function
D. tangent lines; production possibilities curve
A. contour lines; production function
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The ability of Intel to spread product development cost over a larger number of units of output arises from
A. constant returns to scale. B. minimum efficient scale. C. diseconomies of scale. D. economies of scale.
To increase living standards, public policy should
a. ensure that workers are well educated and have the necessary tools and technology. b. make unemployment benefits more generous. c. move workers into jobs directly from high school. d. ensure a greater degree of equality, taking all income-earners into account.
Which of the following is(are) basic feature(s) of a perfectly competitive industry?
A. Buyers and sellers have perfect information. B. There is free entry and exit in the market. C. There are no transaction costs. D. All of the statements associated with this question are correct.
If the equation y = -10 + 2.5x was plotted:
A. the vertical intercept would be -10. B. the slope would be -7.5. C. it would graph as a downsloping line. D. the slope would be -10.