If a company plots its total profit curve, it would show
A. that the curve has a negative slope over the entire range of output.
B. that the slope of the curve is negative, then zero and then becomes positive as output increases.
C. that the slope of the curve is positive, then zero and then becomes negative as output increases.
D. that slope is a constant at a value of one.
Answer: C
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The price elasticity of demand for labor will be greater, the
A) greater is the price elasticity of demand for the final product. B) more difficult it is to employ substitute inputs in production. C) smaller is the proportion of wage costs in the total cost of production. D) shorter is the time period under examination.
On a supply and demand diagram,
A. the horizontal axis is labeled quantity per unit time and the vertical axis is labeled price. B. the horizontal axis is labeled supply and the vertical axis is labeled demand. C. the horizontal axis is labeled demand and the vertical axis is labeled supply. D. the horizontal axis is labeled price and the vertical axis is labeled quantity per unit time.
A graph showing all the combinations of capital and labor available for a given total cost is the
A. budget constraint. B. expenditure set. C. isocost line. D. isoquant.
Compared to First World countries, developing countries would have _____
a. a higher life expectancy b. higher productivity rates c. lower education levels d. lower birthrates e. a higher rate of private investment