In terms of all income, men make ________ more than women make.
A. 63%
B. 90%
C. 78%
D. 99%
Answer: A
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A firm produces its product using both capital and labor. When it does not change its capital usage, but doubles its labor input, its output increases by less than 50 percent. Which of the following is the most likely explanation of this finding?
A) the principle of opportunity cost B) the spillover principle C) the principle of diminishing returns D) the marginal principle
The table above gives the total revenue and total cost for a perfectly competitive firm producing chocolate chip cookies. If the firm increases its output from 2 pounds of cookies to 3 pounds, the marginal revenue is ________ per pound of cookies
A) $11 B) $15 C) $30 D) $45
If a natural monopoly is broken up into many smaller firms then
A) the price will decrease. B) the average total costs of production will increase. C) efficiency will increase. D) None of the above because it is illegal to break up a natural monopoly into smaller firms.
The five competitive forces model was developed by
A) Michael Spence. B) John Nash. C) Porter Smith. D) Michael Porter.