Refer to Figure 4-4. At a price of $18 consumers are willing to buy 40 pounds of tiger shrimp. Is this an economically efficient quantity?
A) Yes, because $18 shows what consumers are willing to pay for the product.
B) No, the marginal benefit of the 40th unit exceeds the marginal cost of that 40th unit.
C) Yes, otherwise consumers would not buy 40 units.
D) No, the marginal cost of the 40th unit exceeds the marginal benefit of the 40th unit.
B
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A) a change in the slope of the isoquants. B) a tangency between the new isocost line and a new isoquant. C) a rotation of the isocost lines. D) All of the above.
Which of the following is a component of the Bipartisan Campaign Reform Act?
a. Requiring the disclosure of campaign contributor names b. Making federal funds available to presidential candidates c. Limiting the number of campaign ads that can be run on television d. Removing the ban on union contributions to political parties
The willingness of firms to hire labor is represented by the market labor demand curve.
Answer the following statement true (T) or false (F)
Given the labor force, either more capital or better technology will shift the production function downward.
Answer the following statement true (T) or false (F)