Refer to the information provided in Table 21.8 below to answer the question(s) that follow. Table 21.8
Refer to Table 21.8. The value for national income in billions of dollars is
A. 970.
B. 1,030.
C. 1,060.
D. 1,200.
Answer: B
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If a marginal cost pricing rule is imposed on the natural monopoly in the figure above, then total surplus will be
A) $0. B) $4 million. C) $8 million. D) $16 million.
Assume a firm is producing 1000 units of a good by using two inputs, capital and labor, whose per unit prices are $50 and $20
Assume also that the marginal physical product of the last unit of capital is 25 and the marginal physical product of the last unit of labor is 15. In order to minimize its costs of production, the firm should adjust its combination of inputs by employing more labor and less capital. Indicate whether the statement is true or false
Specialization in production
a. raises productivity. b. requires money. c. stimulates exchange. d. All of the above are correct.
Explain how a large number of firms in the industry and product heterogeneity affect the likelihood of cartel success.
What will be an ideal response?