Profitability in cotton farming depended on which of the following factors?
(a) Physical crop yields
(b) World and domestic cotton prices
(c) Subsistence farming during periods of low cotton prices
(d) All of the above
(d)
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The table above shows techniques that can be used to produce 100 shirts. The technique that is NOT technologically efficient is
A) W. B) X. C) Y. D) Z.
As more and more firms have acquired fax machines, the fax machine has become a standard means of business communication. The increase in demand for fax machines for business communication:
A) is an example of the snob effect. B) proves that the fax machine is an inferior good. C) proves that the fax machine is a luxury good. D) is an example of a positive network externality. E) is an example of a negative network externality.
Which of the following is most likely to be a fixed cost for a business?
a. expenditures on low-skill labor. b. shipping charges for the delivery of products. c. managerial salaries. d. property taxes on the firm's buildings.
Constant returns to scale indicate that a firm is experiencing:
a. per unit costs of production that are decreasing as the scale of output expands. b. per unit costs of production that remain stable as the scale of output expands. c. per unit costs of production that are increasing as the scale of output expands d. an increasing marginal product.