If opportunity costs are constant, the production possibilities frontier would be graphed as
A) a ray from the origin.
B) a positively sloped straight line.
C) a negatively sloped curve bowed in toward the origin.
D) a negatively sloped straight line.
Answer: D
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If you know that total fixed cost is $200, total variable cost is $600, and total product is 4 units, then average total cost must be
A. $200. B. $250. C. $3,200. D. $800.
Refer to the above table. If the price of the good produced is $9, the marginal revenue product of the 13th worker is
A) $810 B) $360 C) $6840 D) $630
Which of the following constitutes an external cost of driving an automobile?
A) insurance B) fuel C) pollution D) wear and tear
In the long run, a monopolistically competitive firm will
a. produce a greater variety of goods than do firms in other market structures b. produce a greater output level than would a perfectly competitive firm c. produce where price equals average total cost d. earn an economic profit e. suffer a loss because of its advertising budget