Under a production quota policy, the government can maintain a particular support price by reducing the quantity supplied. To maintain a particular support price, how must the quota amount change if the demand curve becomes more elastic?
A) Quota amount increases
B) Quota amount decreases
C) Quota amount does not change
D) Quota amount depends on the supply curve
B
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The average total cost curve eventually slopes upwards because of the
A) law of diminishing returns. B) reductions in average fixed costs. C) increase in capital costs. D) decrease in labor costs.
To improve package delivery, one change UPS made involved improvements in how packages were routed. The firm started using more detailed maps to plan the routes for packages
As a result, the typical delivery driver could travel several miles less per day while delivering more packages. Which of the following statements best describes this change at UPS? A) The firm is able to produce more output (deliver more packages) using the same number of inputs (trucks and drivers). Therefore, UPS has implemented a positive technological change. B) Technological change refers only to the introduction of new products or improvements to existing products. As such, the scenario described in the question is not technological change. C) The change implemented is not an example of technological change because it did not require the use of new machinery or equipment. D) The scenario described is an example of management efficiency and not technological change. Essentially, the chain changed its way of operating its business.
Just over 10% of workers age 25 years or older earned below $7 per hour in 2005
Indicate whether the statement is true or false
The additional benefit received as a result of undertaking an action is: a. the opportunity cost. b. the marginal cost
c. the marginal benefit. d. the total benefit.