Consider a supply curve of the form: Q = c + dP. If d equals zero, then supply is:
A) completely inelastic.
B) inelastic, but not completely inelastic.
C) elastic, but not infinitely elastic.
D) infinitely elastic
A
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Use the following graph to answer the question below.
The price where marginal benefit equals marginal cost is
A. $1.60. B. $1.00. C. $2.90. D. $0.50.
How does the price of the final good for which labor is used to produce affect the demand for labor?
What will be an ideal response?
You bake cookies. One day you double the time you spend, double the number of chocolate chips, flour, eggs, and all your other inputs, and bake twice as many cookies. Your cookie production function has
a. decreasing returns to scale. b. zero returns to scale. c. constant returns to scale. d. increasing returns to scale.
Which of the following is the largest expenditure item of state governments?
A. Education B. Highways C. Public welfare D. Health and hospitals