Average variable cost is at a minimum at the same amount of output at which
A) average product is at a maximum.
B) marginal product is at a maximum.
C) average product is at a minimum.
D) marginal product is at a minimum.
A
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Graphically, the average productivity of labor is illustrated by:
a. the slope of the total product curve at the relevant point. b. the slope of the marginal productivity curve at the relevant point. c. the negative of the slope of the marginal productivity curve at the relevant point. d. the slope of the chord connecting the origin with the relevant point on the total output curve.
In which of the following circumstances would a buyer be indifferent about buying a good?
a. The amount of consumer surplus the buyer would experience as a result of buying the good is zero. b. The price of the good is equal to the buyer's willingness to pay for the good. c. The price of the good is equal to the value the buyer places on the good. d. All of the above are correct.
Hans decides to start brushing his teeth less often after signing up for dental insurance. This is an example of:
A. adverse selection. B. moral hazard. C. neither adverse selection nor moral hazard. D. both adverse selection and moral hazard.
Before his death in 2011, Steve Jobs made billions of dollars as a tremendously successful:
A. Inventor of new stuff B. Entrepreneur and innovator C. Manager of a large corporation D. Investor in various corporate stocks