Figure 7-2
In Figure 7-2 at an output of 500, marginal cost equals
a.
10.
b.
20.
c.
30.
d.
40.
b
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Refer to Edgeworth Box Economy. In an Edgeworth box, a point where two indifference curves are tangent represents
a. the initial endowment point. b. an allocation that both consumers prefer to the initial endowment. c. a competitive equilibrium. d. a Pareto-optimal allocation of goods.
Any efficient allocation has to be such that everyone would agree to switch to that allocation from the endowment allocation -- or at least no one would object to such a switch.
Answer the following statement true (T) or false (F)
According to the table above determine which country has the absolute advantage in corn and which in soybeans. In addition, determine which country has the comparative advantage in corn and which in soybeans
Make sure to support your answer by deriving the opportunity costs of each.
The tax fully dedicated to provide support for Medicare Part A is:
a. a tax on the health insurance premiums paid for all group plans. b. a 2.9 percent payroll tax paid by all workers, regardless of their age. c. the federal income tax. d. levied on the Medicare Trust Fund. e. the mandate tax paid by individuals who do not purchase health insurance.