Refer to the graph shown. The cheapest way to produce 1,000 units of output is with:
A. 4 workers and 2.4 units of capital.
B. 12 units of capital and no workers.
C. 5 workers and no capital.
D. 2 workers and 7.2 units of capital.
Answer: D
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Throughout history, governments have used price controls to
A. protect buyers. B. protect sellers. C. serve the “public interest.” D. All of these responses are correct.
In which of these markets would the firms be facing the least elastic demand curve?
A) perfect competition B) pure monopoly C) monopolistic competition D) oligopoly
Economic profit equals gross earnings minus the firm’s direct costs.
Answer the following statement true (T) or false (F)
The services of a husband or wife as a homemaker and cash gains from a lottery are included in the calculation of gross domestic product
a. True b. False Indicate whether the statement is true or false