The lowest level of output on an average total cost curve is considered the __________ level of production.
Fill in the blank(s) with the appropriate word(s).
most efficient
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In the United States in 2011, there were 104 fatalities per 100,000 workers in the logging industry. This is the second-highest rate after the fisheries industry
Everything else equal, would you expect workers in the logging industry to be paid higher wages than workers with similar levels of education in other industries? Explain.
Your local farmer has many competitors and exists in a market structure known as perfect competition
This means that price is determined outside of the individual farmer's ability to charge a price higher than the going market for a bushel of wheat, hence the farmer is A) a price maker and can therefore charge different customers different prices. B) always able to price produce above the competition and earn a larger profit. C) never able to determine any prices he charges for anything, such as soybeans. D) a price taker and cannot affect the market price of wheat.
An economist estimates that for every 1 percent increase in the price of natural Christmas trees, the demand for artificial trees rises by .2 percent. From this information one can conclude that:
A. the income elasticity of demand for natural Christmas trees is less than 1. B. natural and artificial Christmas trees are complements. C. natural and artificial Christmas trees are substitutes. D. natural Christmas trees are luxuries.
Which of the following is a factor of production for the Little Biscuit Bread Company?
A. Flour. B. Productivity. C. Bread. D. Money.