The productivity of workers can depend upon which of the following?
A. Physical capital
B. population growth
C. Number of businesses established
D. All of these are determinants of productivity.
A. Physical capital
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Miniville is an isolated town located on the southern shore of Lake Condescending, a very large lake. The western edge of Miniville is adjacent to impassable mountains and there are no towns or businesses for many miles to the east. The 300 residents of Miniville are evenly distributed along 3 miles of shoreline on the lake, east of the mountains. Lake Shore Drive, the only street in town, provides access to Miniville's homes and businesses. All residents live between the lake and the street; businesses locate on the other side of the street. Lake Shore Drive is 3 miles long, and the points labeled A, B, and C are 1, 2, and 3 miles from the western end of Lake Shore Drive, respectively. All residents of Miniville shop at the store located closest to their homes. src="https://sciemce.com/media/4/ppg__rrr0818190951__f1q218g1.jpg" alt="" style="vertical-align: 0.0px;" height="117" width="538" />If one store is located at A and the other store is located at C:
A. 100 people will certainly shop at each store, but where the other 100 will shop is indeterminant.
B. 100 people will shop at the store at A, and 200 people will shop at the store at C.
C. 200 people will shop at the store at A, and 100 people will shop at the store at C.
D. 150 people will shop at each store.
The price chosen by a monopolist:
A) maximizes social surplus. B) maximizes consumer surplus. C) is dependent on the production of other firms. D) is independent of the production of other firms.
Suppose that when the price of ice cream increases, Liza decreases her purchase of hot fudge. To Liza
A) ice cream is a normal good and hot fudge is an inferior good. B) ice cream and hot fudge and substitutes. C) ice cream and hot fudge are normal goods. D) ice cream and hot fudge are complements.
If a product has a diminishing, but positive, marginal utility, then total utility
A. increases at a diminishing rate. B. decreases at a diminishing rate. C. decreases at an increasing rate. D. will become negative.