The association of each quantity of a variable input, like labor, to its total product is the
a. short-run production function.
b. average product of labor.
c. stage of production.
d. expansion path.
a. short-run production function.
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The slope of the perfectly inelastic demand curve is ________, the slope of the perfectly elastic demand curve is ________
A) undefined, zero B) one, one C) zero, undefined D) one, zero
Suppose the market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, both measured in millions of gallons of ice cream per year. Suppose the government imposes a $0.50 tax on each gallon of ice cream. The producer surplus after the tax is:
A. $3.56 million. B. $4.50 million. C. $1.89 million. D. $7.11 million.
With capitalism, the allocation of goods and resources is determined by
a. market forces b. centralized planning c. government policy d. traditional customs
Which of the following is the best example of the concept of "normal"?
A. Hot dogs and hot dog buns B. SUVs C. Coke and Pepsi D. Ramen noodles