An example of a natural resource is:
A. Michael Jordan's athletic ability.
B. Farmer Joe's farm fields.
C. Bill Gates' revolutionary iPod.
D. All of these are examples of natural resources.
B. Farmer Joe's farm fields.
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The price-taker firm should discontinue production immediately if
a. the market price exceeds the firm's average total costs. b. the market price is less than the firm's average variable costs. c. the market price is less than the firm's average total costs but greater than its average variable cost. d. its accounting statement indicates that it is suffering losses.
A technological advance that increases labor productivity will:
A. decrease the demand for labor as MP falls. B. decrease the demand for labor as fewer workers are needed. C. decrease the supply of labor as fewer workers are needed. D. increase the demand for labor as MP rises.
Refer to the graph shown. Area C represents:
A. the total loss of surplus by consumers resulting from a monopoly. B. the loss of surplus by producers resulting from a monopoly. C. the cost to society of increasing output from Qm to Qc. D. consumer surplus redistributed to the monopolist.
Comment on the following statement: "When there are no externalities present, the level of output for a private good produced by a perfectly competitive firm is efficient."
What will be an ideal response?