___________ than would be the case if all firms had identical products and prices.
a. flatter
b. steeper
c. farther to the right
d. less elastic
Ans: a. flatter
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Which of the following production functions exhibits constant returns to scale?
A) q = KL B) q = KL0.5 C) q = K + L D) q = log(KL)
Suppose output for a simple production process is given by Q = K + L, where K denotes capital, and L denotes labor. The price of labor is $2 per unit and the price of capital is $4 per unit. What would be the minimum costs of producing 10 units of output?
A. $10 B. $40 C. $20 D. It is impossible to say with the information given
Which of the following is the most direct cause of lung cancer?
a. smoking cigarettes b. buying lighters c. giving a packet of cigarettes to someone d. watching actors on TV smoking cigarettes
One problem with keeping the CPI basket fixed is it:
A. doesn't accurately isolate price changes from behavior changes. B. can't properly predict when prices will change. C. doesn't allow for changes in people's preferences over time. D. doesn't really capture what a typical household may purchase in a base year.