Assume the marginal product for a particular good is constant. Describe the shape of the total product function that would accompany it
What will be an ideal response?
The total product function would be upward-sloping and linear.
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If two countries have identical production possibility frontiers, then trade between them is likely to be beneficial if
A) their supply curves are identical. B) their cost functions are identical. C) their demand conditions are identical. D) their incomes are identical. E) their demand functions differ.
The demand curve faced by a monopolist is the same as the marginal revenue curve
a. True b. False Indicate whether the statement is true or false
The private cost of production includes the amount a firm pays for A. ?pollution, capital, and materials. B. ?labor, capital, and materials. Your answer is correct.C. ?labor, capital, and pollution. D. ?labor, pollution, and materials.
The private cost of production includes the amount a firm pays for
A.
?pollution, capital, and materials.
B.
?labor, capital, and materials.
Your answer is correct.
C.
?labor, capital, and pollution.
D.
?labor, pollution, and materials.
A graph that illustrates the maximum amount of one good that can be produced for every possible level of production of the other good is called a:
A. production possibilities curve. B. production function. C. consumption possibilities curve. D. supply curve.