Refer to the above figure. Total cost for this firm equals
A. P2.
B. 0P3cQ1.
C. 0P2bQ1.
D. P3.
Answer: C
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Refer to the above figure. The curve reflects
A) the law of diminishing marginal product in labor. B) the law of diminishing marginal product in capital. C) the law of increasing marginal product in labor. D) the law of increasing marginal product in capital.
Which of the following helps in reducing the problem of adverse selection in health insurance markets?
A) Insurance mandates B) High premiums C) High rates of taxation D) Insurance coverage
The supply of a good will tend to be highly elastic if
A) additional resources to produce the good can be obtained quickly and with no increase in cost. B) its price rises quickly and sharply when the demand increases. C) the good has few close substitutes. D) the good is generally classified as a luxury. E) the good is generally classified as a necessity.
Tom Atoe grows fruits and vegetables for home consumption. This activity is:
a) excluded from GDP in order to avoid double counting. B) excluded from GDP because an intermediate good is involved. c) productive but is excluded from GDP because no market transaction occurs. d) included in GDP because it reflects production.