In Figure 45.2, at the perfectly competitive equilibrium, the number of workers hired will be Figure 45.2
A. between L' and L*.
B. less than L'.
C. L'.
D. L*.
Answer: D
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Refer to the table below. Based on their comparative advantages, Pat should specialize in ________, and Corey should specialize in ________. Pizzas MadePer HourPizzasDeliveredPer HourCorey126Pat1015
A. both making pizza and delivering pizza; neither making pizza nor delivering pizza B. making pizza; delivering pizza C. neither making pizza nor delivering pizza; both making pizza and delivering pizza D. delivering pizza; making pizza
Refer to the table above, which gives five points on a nation's PPF. The production of 7 units of X and 28 units of Y is
A) impossible given the available resources. B) possible but leaves some resources less than fully used or misallocated. C) on the production possibilities frontier between points c and d. D) on the production possibilities frontier between points b and c.
Explain how the following factors will shift the demand curve for Gillette shaving cream
a. The price of a competitor's shaving cream increases. b. With an increase in unemployment, the average level of income in the economy falls. c. Shaving gels and foams, marketed as being better than shaving creams, are introduced in the market.
Suppose the value of price elasticity of demand for goods manufactured by firms A, B, C, and D are 0, -0.8, -1, and -1.5 respectively. The demand for the good will be elastic for:
a. firms A, B, C, and D. b. firms B, C, and D. c. only firm A. d. firms C and D only. e. only firm D.