An example of a renewable resource would be:
A. trees.
B. oxygen.
C. fish in the ocean.
D. All of these are examples of renewable resources.
D. All of these are examples of renewable resources.
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Use the following graph for a perfectly competitive firm to answer the next question.
The firm is
A. generating a loss and should shut down in the short run. B. generating a loss, but should continue to produce in the short run. C. earning a normal profit. D. earning an economic profit.
To find the profit maximizing level of output, a firm finds the output level where
A) price equals marginal cost. B) marginal revenue and average total cost. C) price equals marginal revenue. D) all of the above E) none of the above
Suppose that an economy grows by 4 percent, total factor productivity grows by 3 percent, and the labor force increases by 6 percent. If labor and capital are the only inputs and labor contributes 40 percent to GDP, then the stock of capital must have _____
a. fallen by 5% b. fallen by 3.33% c. fallen by 2.33% d. risen by 3% e. risen by 1.8%
The key element in preserving a monopoly is keeping rivals out of the market
a. True b. False Indicate whether the statement is true or false