Based on the information shown in Exhibit 3, how much food can Calvin produce in one day using all of his resources?
a. 3-3/4 pounds
b. 3 pounds
c. 2-1/4 pounds
d. 3/4 pounds
b. 3 pounds
Economics
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In an industry with a large number of firms,
A) each firm will produce a large quantity, relative to market demand. B) one firm will dominate the market. C) collusion is impossible. D) competition is eliminated. E) barriers to exit must exist.
Economics
Whenever average cost exceeds marginal cost,
A. average cost is rising. B. average cost is falling. C. marginal cost is rising. D. marginal cost is falling.
Economics
Income earned by the productive resources does not include
a. wages and salaries. b. transfer payments. c. profits. d. interest.
Economics
Indifference curves are steeper on the right and flatter on the left
a. True b. False Indicate whether the statement is true or false
Economics