Which of the following would most likely cause the supply of wheat to increase?
What will be an ideal response?
A technological advance that lowers the cost of producing wheat.
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Suppose that for a given firm, the increase in output resulting from the last worker hired is less than the increase in output of the previous worker hired. This is an example of
A) increasing return. B) capital deepening. C) diminishing returns. D) constant returns.
The parity price ratio is defined by the equation
a. prices paid by farmers prices received by farmers b. prices received by farmersprices paid by farmers c. loans received by farmersprices paid by farmers d. prices received by farmerstotal farm subsidies e. total farm loans total farm subsidies
Wealthy people will tend to have vertical labor supply curves
A) only if their income effect just offsets their substitution effect. B) only if their income effect is greater than their substitution effect. C) only if their income effect is less than their substitution effect. D) only if they don't have an income effect.
Which level indicates the point of maximum economic efficiency?
A) lowest point on AC curve B) lowest point on AVC curve C) lowest point on MC curve D) None of the above