Table 7-2
Plastic (in pounds)
5
6
7
Widgets
14
17
19
?
Table 7-2 contains information on widget production. The marginal physical product of the sixth pound of plastic is ____.
A. (19/7)?(17/6)
B. 1/3
C. 2
D. 3
Answer: D
You might also like to view...
Goods that are similar but are not perfect substitutes are called ________ goods
A) differentiated B) homogeneous C) normal D) inferior
A major disruption in financial markets characterized by sharp declines in asset prices and firm failures is called a
A) financial crisis. B) fiscal imbalance. C) free-rider problem. D) "lemons" problem.
Suppose Always There Wireless serves 100 high-demand wireless consumers, who each have a monthly demand curve for wireless minutes of QdH = 200 - 100P, and 300 low-demand consumers, who each have a monthly demand curve for wireless minutes of QdL = 100 - 100P, where P is the per-minute price in dollars. The marginal cost is $0.25 per minute. If Always There Wireless charges the highest fixed fee that it can without losing the low-demand consumers, which of the following is the most profitable price per minute?
A. $0.45 B. $0.49 C. $0.53 D. $0.57
Monopolistic competition is characterized by excess capacity because:
A. firms charge a price that is less than marginal cost. B. firms produce at an output level less than the least-cost output. C. the demand for a product is perfectly elastic in this type of industry. D. firms are always profitable in the long run.