Which will not be a determinant of the price elasticity of demand for an input?
A. The price of the input
B. The substitutability of other resources for the input
C. The elasticity of demand for the product it produces
D. The total cost of an input as a proportion of the total cost of producing units of output
A. The price of the input
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Refer to Figure 12-16. Which panel best represents the perfectly competitive organic produce market in which firms are breaking even, economically, organic produce is considered a normal good, and the average income level of consumers is rising?
A) Panel A B) Panel B C) Panel C D) Panel D
The production possibilities frontier rotates outward along one of the axes when:
a. there is a technological change that enhances the production of both goods. b. there is a decrease in the availability of resources used to produce both goods. c. there is a decrease in the quality of resources used to produce both goods. d. there is a technological change that enhances the production of only one of the goods.
Mia puts money into a piggy bank so she can spend it later. What function of money does this illustrate?
a. store of value b. medium of exchange c. unit of account d. None of the above is correct.
A grocery store hires cashiers and baggers. Cashiers earn $8 an hour; baggers earn $4 an hour. The manager, who wants to maximize the number of customers served given a fixed payroll, expects the following productivity from cashiers and baggers: 
Given the above information, what is the maximum possible number of customers that can be served with a payroll of $32?
A. 312 B. 936 C. 1208 D. 864 E. none of the above