Refer to the information provided in Table 8.5 below to answer the question(s) that follow.
Table 8.5Number of SwordsTVCMCAVCTFCTCAFCATC0???? 50??1?25?????2??????47.503??23.33????4????150??5135??????Refer to Table 8.5. If Phoebe produces one sword, her total variable costs are
A. $25.
B. $50.
C. $75.
D. indeterminate from this information.
Answer: A
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Ownership of a necessary input creates what type of barrier to entry?
A) legal barrier to entry B) natural barrier to entry C) a public franchise D) a government license E) ownership barrier to entry
If the population is 300 million, with 70 million under the age of 16 and institutionalized, another 70 million not in the labor force, 10 million unemployed, and 150 million employed, the employment-to-population rate is
A) 53.3 percent. B) 65.2 percent. C) 46.7 percent. D) 87.5 percent.
Financial contributions to the campaigns of members of Congress, state legislators, and other elected officials by firms that seek special interest legislation that make the firms better off are
A) illegal. B) the result of the voting paradox. C) irrational because elected officials will almost always act in the interest of the voters who have to pay the cost of the legislation. D) examples of rent seeking.
Suppose two duopolists operate at zero marginal cost. The market demand is p = a - bQ. If firm 1 is the Stackelberg leader, what level of output will it choose?
A) q1 = (a - bq2 )/2b B) q1 = (a - 2bq2 )/2b C) q1 = a/b D) q1 = a/2b