Refer to Figure 2-2. Suppose Vidalia is currently producing 20 dozen orchids per period. How many roses is it also producing, assuming that resources are fully utilized?
A) 30 dozen roses B) 50 dozen roses C) 100 dozen roses D) 150 dozen roses
D
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If a firm in monopolistic competition is earning an economic profit,
A) it is in the long run. B) other firms can enter the market. C) it can do so because it is "monopolistic" and other firms will have a hard time competing with it. D) its average cost must exceed its marginal cost. E) The question errs because firms in monopolistic competition cannot earn an economic profit.
Holding the price of a firm's output constant, if the marginal product of labor increases
A) the marginal products of other inputs also increase. B) the marginal revenue product of labor also increases. C) the marginal revenue product of labor may increase or decrease. D) the marginal revenue product of labor decreases.
The most significant kind of federal subsidy to railroads was
a. loans from the U.S. government. b. reduced corporate income taxes. c. land grants. d. direct payments based on the number of miles of tracks laid.
An asset whose value is based on the value of another asset is called a:
A. derivative. B. dividend. C. stock. D. bond.