Which of the following contributed to the increase in steamboat productivity?
(a) Improvements in ship design
(b) Better docking stations
(c) Increased competition by railroads
(d) All of the above
(d)
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Dr. Goldfinger decides to invest in companies which he believes can "improve the productivity and efficiency" of health care services. What would Dr. Goldfinger need to do to try to achieve allocative efficiency?
A) invest in companies that produce up to the point where the marginal cost of the last unit produced is zero B) invest in companies that produce goods and services based on consumer preferences C) invest in companies that produce goods and services at the lowest possible cost D) invest in companies that fairly distribute their products and services
The marginal cost of a vacation in the south of France is $4,500 . The marginal benefit to Madeline of a vacation in the south of France is $4,800. a. Madeline will lose $300 if she vacations in the south of France
b. Madeline will experience a net gain of $300 if she vacations in the south of France. c. Madeline will be worse off if she vacations in the south of France. d. Madeline will enjoy a net gain of $4,800 if she vacations in the south of France.
Which of the following goods is likely to have the most elastic demand over the relevant range of prices?
a. insulin b. eggs c. milk d. Pepsi Cola e. gasoline
The increase in output that is generated by an additional unit of input is called the:
A. resource product. B. input-output relationship. C. marginal product. D. production function.