The law of increasing relative costs, depicted by the concavity of the production possibilities frontier, is most closely related to the
A. downward slope of the demand curve.
B. upward slope of the demand curve.
C. downward slope of the supply curve.
D. upward slope of the supply curve.
Answer: D
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In a perfectly competitive market, all firms in the long run earn:
A) positive economic profit. B) positive accounting profit. C) zero economic profit. D) zero accounting profit.
The marginal product of labor
A) is measured by the slope of the production function relating capital to employment. B) is larger when the labor supply is relatively larger. C) is smaller when the labor supply is relatively smaller. D) decreases as the number of workers already employed increases.
Which firm provides the better signal when trying to decide which of the? firms' stock to? buy?
A) Firm A, which uses an independent accounting firm for auditing.
B) Firm B, which uses an internal group for auditing.
C) Firm C, which has seen its stock go up by $20 per share in the last week.
D) Firm D, which hasn't been under SEC investigation for over 5 years.
In the 1970s, the U.S. relied on Command-and-Control models of pollution regulation.
A. True B. False C. Uncertain