Refer to the above figure. Which of the following points indicates an unobtainable point of production?
A) a
B) d
C) e
D) More information is needed to answer the question.
B
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The total income of capital and labor must equal the value of total:
A. production. B. revenue. C. investment. D. profits.
If demand is price elastic,
A) a 1 percent decrease in the price leads to an increase in the quantity demanded that exceeds 1 percent. B) a 1 percent increase in the price leads to an increase in the quantity demanded that exceeds 1 percent. C) a 1 percent decrease in the price leads to a decrease in the quantity demanded that is less than 1 percent. D) the price is very sensitive to any shift of the supply curve.
Demand is given by QD = 6000 - 50P. Domestic supply is QS = 25P. Foreign producers can supply any quantity at a price of $40
a. If foreign producers can sell in the domestic market, what is the equilibrium price? What is the equilibrium quantity? How much is sold by domestic and foreign producers, respectively? b. Under domestic government pressure, foreign producers voluntarily agree to restrict their goods. What will happen to the price and quantity? What will happen to the amount that domestic producers supply? What will happen to revenues of domestic and foreign producers?
Every resource has its price. The price of loanable funds is expressed as
a. the dollar amount of the loanable funds needed to buy capital b. the dollar amount of the new equipment purchased c. the percentage of profit from the added capital d. a rate of interest e. the extra output from adding capital