To minimize total costs for a particular rate of output, a firm will equate
A. the average cost of each factor.
B. the marginal product per dollar spent on each factor.
C. the marginal revenue product and variable marginal revenue for each factor.
D. the marginal revenue of each factor.
Answer: B
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What price does a monopoly charge when it perfectly implements a two-part tariff?
a. The simple monopoly price. b. The competitive price. c. A price higher than that charged by a simple monopoly. d. A price between the monopoly and competitive prices.
Your income will increase if the Federal Reserve buys a Treasury bill from you and pays you with a check from the Fed
Indicate whether the statement is true or false
Bonnie volunteers to help make floral arrangements at a flower shop. She is an example of
A) entrepreneurial ability. B) labor. C) physical capital. D) human capital.
In 2017, the national debt was about ______.
a. $1 million per person b. $1 million per household c. $60,000 per person d. $60,000 per household