In the graph below, the price of capital is $500 per unit. Given a total cost of $50,000, the maximum amount of output possible is
A. 1,100 units of output.
B. 500 units of output.
C. 10,000 units of output.
D. 50,000 units of output.
E. none of the above
Answer: C
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Which market is most likely to be considered a competitive market?
A. Pharmaceuticals B. Diamonds C. Cable TV D. Phone Apps
An explanation for why the short-run aggregate supply curve is upward-sloping is because: a. the quantity of real output supplied is inversely related to the aggregate supply curve. b. nominal incomes are fixed
c. the capital-output ratio is fixed. d. an increase in price will increase the marginal aggregate output.
"Demand" is a statement of actual purchases.
Answer the following statement true (T) or false (F)
If your income increases from $10,000 per year to $14,000 per year and your tax payment increases from $2,000 to $2,840, the marginal tax rate:
A. Is 20 percent B. Is 21 percent C. Is 25 percent D. Cannot be determined from the given data