The implementation of the assembly line is an example how
A) changes in the organization of production improve productivity.
B) neutral technical change improves productivity.
C) non-neutral technical change can decrease productivity.
D) labor saving technical change increases economy-wide unemployment.
A
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If the value of the marginal product of physical capital is $30 and the price at which the good the physical capital is used to produce is sold at $15, the marginal product of the physical capital used is:
A) 2 units. B) 5 units. C) 15 units. D) 30 units.
In an oligopolistic market, each firm
A) has a constant marginal cost. B) faces a perfectly elastic demand function. C) must consider the reaction of rival firms when making a pricing or output decision. D) produces at minimum average cost in the long run.
Which of the following will occur if a legal price floor is placed on a good below its freemarket equilibrium?
What will be an ideal response?
The ______ shows the relationship between the price of the good and the quantity a single consumer is willing and able to buy.
a. individual supply curve b. individual demand schedule c. individual cost curve. d. individual equilibrium schedule