Which of the following is least likely to be considered an input to production?
A) a supervisor's time
B) an integrated circuit fabrication plant
C) wind
D) None of the above.
D
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In Figure 3-5 above, saving is positive at
A) point J. B) point K. C) point L. D) all of the above.
When a falloff in usage of a product by some consumers causes others to stop purchasing the item there is
A) price leadership. B) negative-sum game. C) positive market feedback. D) negative market feedback.
A monopolistically competitive industry may feature
a. excess capacity. b. extraordinary profits. c. product differentiation. d. All of the above are correct. e. Only b and c are correct.
Figure 10-7
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Figure 10-8 displays the cost curves of a perfectly competitive firm. Profits at a price of $10 would be approximately
A. $1 per unit. B. $3 per unit. C. $5 per unit. D. $10 per unit.