In a typical production function, the relevant factors of production are land, labor, capital, and
A. resources.
B. raw materials.
C. technology.
D. entrepreneurship.
Answer: D
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Which of the following is true of the relationship between the marginal cost function and the average total cost and average variable cost functions?
A) If MC is greater than ATC and AVC, then ATC and AVC will increase. B) The ATC and AVC curves intersect the MC curve at minimum MC. C) The MC curve, ATC curve, and AVC curve all intersect at the same point. D) At each level of output, MC is equal to difference between AVC and ATC.
When there's uncertainty as to the length of a game
A) cooperation still does not occur, because cooperation unravels at the beginning of the game. B) cooperation can potentially occur if trigger strategies are adopted. C) firms will cooperate because they treat the game as one that is infinitely repeated. D) firms will randomly pick among the Nash equilibria.
Microeconomics studies
A) decisions made by individual consumers and firms. B) the changes in economic theory brought about by real-world events. C) how small changes in the unemployment rate can have far-reaching effects. D) how small changes in the money supply can have far-reaching effects.
Which is NOT an example of signaling high quality in a social setting
a. wearing a business suit on a job interview b. scrimping on the tip for the waiter after a dinner date c. offering an expensive engagement ring to your bride d. Visiting the beauty salon before a big date