If a firm is operating at the point of tangency between an isoquant and an isocost line, its production is:
A. both technically and economically inefficient.
B. technically efficient but economically inefficient.
C. both technically and economically efficient.
D. technically inefficient but economically efficient.
Answer: C
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Until 1987, the primary role of the federal government with regard to public health was _____
a. to regulate the interstate movements of physicians b. to regulate medicines to ensure a minimal level of quality c. to control epidemics through the control and quarantine of ports of entry d. to pay for the health care of the indigent
Candidates in a two-person race express very similar positions a few weeks before the election. A voter complains that there is not much difference between the two candidates. What this voter misunderstands or ignores is that
A) each candidate has an incentive to be like the other. B) each candidate has an incentive to be different from the other. C) each candidate has an incentive to be perceived as in the "middle of the road," and if both candidates correctly act on this incentive they will end up sounding alike. D) this simply happens sometimes. E) none of the above
Over the last 35 years, the wage gap between people of different education levels has ______.
a. widened b. narrowed c. disappeared d. not changed
A monopoly is most likely to emerge and be sustained when:
A. economies of scale are large relative to market demand. B. firms have U-shaped average total cost curves. C. output demand is relatively elastic. D. fixed capital costs are small relative to total costs.