A basic factor of production that is used to produce output is:
A. technology.
B. labor.
C. capital.
D. All of these are considered factor inputs.
D. All of these are considered factor inputs.
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For a monopoly producing any output level greater than one, the average revenue curve:
A. lies below the demand curve. B. lies above the marginal revenue curve. C. is the same as the marginal revenue curve. D. lies above the demand curve.
The payoff matrix is a fundamental tool of
A. monopolistic competition. B. game theory. C. corporate finance theory. D. regulatory oversight.
The income per capita of Country 1 in a certain year was 1,800 in its own currency while that of Country 2 was 32,000 in its own currency
i) If 1 unit of Country 1's currency is worth 6. 5 units of Country 2's currency, which country has a higher income per capita? ii) Which country is likely to have a higher Human Development Index and why?
The area of economic profit shown in the above figure for the single-price monopolist is
A) bed. B) P3P5fc. C) 0P5fQ1. D) 0P4eQ3.