What is the maximum that the firm can charge for the no-name brand wok without losing customers?
a. $50
b. $60
c. $70
d. $100
a
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Would a profit-maximizing firm sell where demand is inelastic?
A. No, this would not follow the rule of MC = MR. B. No, the firm could not profitably raise price. C. Yes, the firm could profitably lower price to attract sales. D. Yes, in this case there are few substitutes for the good.
New England possessed a comparative advantage in producing cotton. Producers in this region produced cotton at the lowest possible opportunity cost in colonial America
Indicate whether the statement is true or false
All of the following are major factors limiting economic growth in developing countries EXCEPT
A) dead capital. B) deregulation. C) inefficient government regulation. D) corruption.
One theory that predicts sustained wage and rent differentials is based on the idea that your accumulation of human capital raises the productivity of the other workers and the physical capital in your locale. In this situation, human capital accumulation creates
a. a signaling equilibrium. b. external benefits. c. compensating differentials. d. intertemporal substitutions.