A simultaneous decrease in both the supply of and the demand for silk boxer shorts would cause a decrease in the equilibrium quantity of silk boxer shorts.
Answer the following statement true (T) or false (F)
True
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Why is the production possibilities frontier concave to (bowed away from) the origin?
A) Consumers have declining marginal utility, so their relative satisfaction from consuming a good changes as they move from high levels to low levels of consumption. B) The shape of the curve is due to the marginal costs of producing the two goods. At high levels of output for a particular good, the marginal cost is very high, and the firm can use the same inputs to produce a relatively large quantity of the other good. C) For a production possibilities frontier, we no longer assume firms are price takers, and the input prices and output prices change as the firms alter their mix of outputs. D) none of the above
Suppose that for a particular firm the only variable input into the production process is labor and that output equals zero when no workers are hired. In addition, suppose that marginal cost of the third worker hired is $40, and the average total cost when three workers are hired is $50 . What is the total cost of production when three workers are hired?
a. $50 b. $90 c. $120 d. $150
All of the following concepts are related EXCEPT
A. Competition. B. Government planning and regulation. C. The invisible hand. D. The price mechanism.
The labor force participation rate is defined as
a) the ratio of employment to the labor force b) the ratio of the working-age population to the total population c) the ratio of employment to the total population d) the ratio of the labor force to the civilian, non-institutionalized, working-age population e) the number of hours worked per week divided by 40