A firm is producing a joint product, Product A and Product B, with variable proportions. At its current production levels, the marginal benefit of producing Product A is $2 and the marginal cost is $4 and the marginal benefit of producing Product B is $5 and the marginal cost is $3. To maximize profits, the managers of the firm should produce ________ of Product A and ________ of Product B.
A) more; more
B) less; less
C) less; more
D) more; less
C) less; more
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Which of the following statements is (are) correct? Under a floating exchange rate system
a. dramatic swings in the dollar have become less common the last 20 years. b. the dollar has exhibited considerable volatility, particularly over the last 20 years. c. the value of the dollar has been targeted within a specific range. d. a gradual increase in the value of the dollar has taken place.
If orange juice and apple juice are substitutes, an increase in the price of orange juice will shift the demand curve for apple juice to the left
a. True b. False Indicate whether the statement is true or false
(Last Word) The fallacy of composition states that:
A. because economic systems are composed of so many diverse economic units, economic laws are necessarily inexact. B. the anticipation of a particular event can affect the composition of that event when it occurs. C. what is true for the individual must necessarily be true for the group. D. because event A precedes event B, A is necessarily the cause of B.
How has the financing of elementary and secondary education changed in the United States since 1940? What is the primary reason for this trend?
What will be an ideal response?