Refer to the table below. Relative to Free Cows, Happy Cows' marginal cost curve is ________, which makes its quantity produced ________ sensitive to changes in demand.
Happy Cows and Free Cows are two separate perfectly competitive dairy farms. The table above shows the respective firms' marginal cost at various production levels.
A) flatter; less
B) flatter; more
C) steeper; less
D) steeper; more
B) flatter; more
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Refer to Table 2-9. What is Haley's opportunity cost of making a necklace?
A) 2 necklaces B) 3 bracelets C) 3/4 of a bracelet D) 1 1/3 necklaces
The _____ lag is typically longer for fiscal policy than monetary policy
a. supply b. cyclical c. effectiveness d. implementation e. recognition
Refer to the tables. According to the concept of comparative advantage:
Answer the question on the basis of the following production possibilities tables for countries Alpha and Beta:
A. Alpha should specialize in X; Beta, in Y.
B. Beta should produce some X and some Y.
C. Alpha should produce some X and some Y.
D. Beta should specialize in X; Alpha, in Y.
Once you find the opportunity cost of producing one unit of a good, to find the opportunity cost of producing the other good, you must
A) take the inverse. B) do nothing because the opportunity cost for the first good is the same as the opportunity cost for the second good. C) multiply by the total amount produced of the second good. D) divide by the total amount produced of the second good. E) None of the answers is correct.