Which of the following is always downward-sloping?
A. The marginal cost curve when it is above the average total cost curve.
B. The marginal cost curve when it is below the average total cost curve.
C. The average total cost curve when it is above the marginal cost curve.
D. The average total cost curve when it is below the marginal cost curve.
Answer: C
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What determines the demand for labor, the supply of labor, and labor market equilibrium?
What will be an ideal response?
Many communities have granted monopoly rights to cable companies. This is an example of a monopoly created through: a. government licensing
b. ownership of the cable resources. c. patent protection. d. smart business practices by shrewd entrepreneurs.
Which of the following is most likely to lead to government intervention in the form of price ceilings?
a. advertising b. war c. growth in consumer income d. technological advance in agriculture e. lower resource costs
Someone has a comparative advantage in producing a good if she can produce that good
A. in greater quantities. B. using more capital and less labor. C. at a lower opportunity cost. D. using more labor and less capital.