Between 1836 and 1851 travel time between New York and Chicago was cut from
A. a month to two days.
B. a month to a week.
C. two weeks to one week.
D. two weeks to two days.
A. a month to two days.
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Figure 4.3 illustrates the demand for tacos. An increase in price of tacos would bring about a movement from
A) point a to point c. B) point c to point a. C) D2 to D0. D) D0 to D1.
Using a Cobb-Douglas production function, Y/N = (K/N)b, the marginal product of capital is
A) b(K/N)b-1. B) b(K/N). C) (K/N)b-1. D) (K/Y)b.
The long-run supply curve in a competitive market is upward-sloping
Indicate whether the statement is true or false
If the law of diminishing returns applies to labor then
A) the marginal product of labor must eventually become negative. B) the average product of labor must eventually become negative. C) the marginal product of labor must rise and then fall as employment rises. D) the average product of labor must rise and then fall as employment increases. E) after some level of employment, the marginal product of labor must fall.