The productivity of workers can depend upon which of the following?
A. Number of businesses established
B. population growth
C. Physical capital
D. All of these are determinants of productivity.
Answer: C
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Refer to the scenario above. What is the change in total revenue due to the price change?
A) The total revenue increases by $350. B) The total revenue increases by $3,400. C) The total revenue decreases by $1,650. D) The total revenue decreases by $2,275.
If the typical firm’s minimum average variable cost is $10 at an output of 50 units, if marginal cost is $20 at 70 units, and there are 1,000 firms in the industry, sketch supply curves for the typical firm and for the industry as a whole.
What will be an ideal response?
In price-taker markets, individual firms have no control over price. Therefore, the firm's marginal revenue curve is
a. a downward-sloping curve. b. indeterminate. c. constant at the market price of the product. d. precisely the same as the firm's total revenue curve.
The term “human capital” refers to how many people must work to produce a product.
Answer the following statement true (T) or false (F)