Who can create valuable output out of idle property?
(a) labor
(b) entrepreneurs
(c) tenants making rental improvements
(d) all of the above
(d)
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A 100 acre wood used by four people for collecting firewood is common property. The socially efficient use of the wood could be achieved by assigning property rights
a. only if they go to whichever of the four most values the wood. b. only if they are divided equally among all four users. c. only if the are divided according to those who have been using it the longest. d. to any of all of the four.
In Figure 11.3, if the MPS is 0.25 and the distance between points C0 and C1 is 200, then the distance between points y0 and y1 must be
A) 50. B) 200. C) 400. D) 800.
When marginal product __________ average product, average product must be ______________.
A. is greater than; increasing B. is greater than; decreasing C. is less than; increasing D. Any of these is possible.
Identify markets in which there is an exchange.
What will be an ideal response?