According to the above table, the marginal factor cost of the eighth worker is
A) $27.00.
B) $48.00.
C) $168.00.
D) $216.00.
B
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Under "trickle down", additional economic activity will benefit the poor
Indicate whether the statement is true or false
According to the graph shown, at point C the firm is earning:
A. higher profits than at point B, and they should produce more.
B. fewer profits than at point B, and they should produce more.
C. fewer profits than at point B, and they should produce less.
D. higher profits than at point B, and they should produce less.
There exist only two causes of monopoly: barriers to entry and government restrictions.
Answer the following statement true (T) or false (F)
Dr. Franke, a perpetual critic of economics, notes that a recent consultant to his medical practice had advised him to raise the prices he charged in order to raise his business revenues. At a university fundraising event he commented to the Chancellor regarding "how ludicrous" some of his faculty members were in giving advice that would drive customers away. He advised the Chancellor that more
"practical, experienced faculty" such as hired by the local Technical College were needed. If demand for Dr. Franke's services is inelastic a. customers would increase and revenues drop b. customers would increase and revenues expand c. customers would decrease and revenues drop d. customers would decrease and revenues expand e. only cross-price elasticity is related to revenues