A firm's expansion path is
A) the firm's production function.
B) a curve that makes the marginal product of the last unit of each input equal for each output.
C) a curve that shows the least-cost combination of inputs needed to produce each level of output for given input prices.
D) none of the above
C
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Governments are most effective at providing pure private goods
Indicate whether the statement is true or false
The price for used cars is well below the price of new cars of the same general quality. This is an example of:
a. The Degree of Operating Leverage b. A Lemon's Market c. Redeployment Assets d. Cyclical Competition e. The Unemployment Rate
The commons problem refers to:
a. a problem that arises when everything is privately owned. b. a situation when the resources are owned by the government and the common people have limited access to them. c. a problem that arises when government takes incorrect measures which adversely affect common people. d. a problem that arises when everyone has access to a particular resource. e. the adverse situation that arises when the government fails to take adequate measures to solve common problems.
Which of the following would lead to a leftward shift in the supply curve for Czech kroner?
a. A decrease in the dollar-krona exchange rate b. An increase in the Czech Republic's GDP relative to U.S. GDP c. Expectation that the dollar price of the krona will rise d. Stronger Czech interest in U.S. audio CDs e. An increase in the U.S. interest rate relative to the Czech interest rate.