Refer to Figure 8.6. Curve 1 is Outdoor Equipment's
A) marginal cost curve.
B) average variable cost curve.
C) average total cost curve.
D) average fixed cost curve.
A) marginal cost curve.
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Which of the following is a significant barrier to reducing the damage people do to one another's environment?
A) Low negotiation costs among people B) Property rights clearly assigned to specific persons C) Scarcity of public or common property relative to private property D) All of them. E) None of them.
Refer to Scenario 1-3. Using marginal analysis terminology, what is another economic term for the incremental cost of producing the last 400 t-shirts?
A) operating cost B) explicit cost C) marginal cost D) Any of the above terms are correct.
Juanita has just opened a new business selling pet supplies through the Internet
A) Juanita is an entrepreneur. B) Juanita is not providing economic goods since people purchase the goods. C) Juanita is not providing economic goods since pet supplies are not being sold in a store. D) Juanita is not an entrepreneur since there are other businesses that sell pet supplies.
Sheila and Jim live in an island where they are the only two workers. Sheila can either catch 10 fish or gather 40 pounds of berries each day, and Jim can either catch 8 fish or gather 24 pounds of berries each day. Both of them work 200 days per year. At current world prices 1 fish trades for 3.5 pounds of berries. In a closed economy, who has the comparative advantage in catching fish?
A. Sheila and Jim B. Sheila C. Jim D. Neither of them