Refer to the figure above. In equilibrium, this country produces at point
A) B.
B) C.
C) D.
D) E.
A
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Do all valuable items have price tags?
A. No, because some valuable items have no opportunity cost. B. Yes, because everything has its price. C. Yes, because price is the measure of opportunity cost. D. No, some have no explicit price on them. E. Yes, because only items that can be sold in markets have value.
In the above figure, if a single-price monopolist charges the profit-maximizing price, the triangle dce represents
A) consumer surplus. B) producer surplus. C) deadweight loss. D) marginal revenue.
Reducing the minimum wage would make it more difficult for low-skilled workers to find jobs.
Answer the following statement true (T) or false (F)
Number of WorkersUnits of Output001402903126415051656180Refer to the above data. The marginal product of the sixth worker is:
A. negative. B. 180 units of output. C. 15 units of output. D. 30 units of output.