If the production possibilities frontier was a straight line, the same resources would be used in the same amounts to produce all goods
a. True
b. False
Indicate whether the statement is true or false
False
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If a firm produces 10 units, TC=$100 . When the firm increase its output to 15 units, TC= $150 . The firm's AVC equal to
a. $50 b. $100 c. $5 d. $10
In the real world, wage negotiations typically do not drag on for years:
A. because the company can simply offer the split that would eventually occur if the two sides played all the rounds. B. unless the employees play an ultimatum game using a union to negotiate. C. because neither a company nor employees can afford to not work for that long. D. None of these statements is true.
The theorem that suggests that politicians maximize their votes by taking the policy position preferred by the median voter, under certain conditions is called the:
A. average voter theorem. B. moderate vote theorem. C. median-voter theorem. D. mid-voter theorem.
Refer to the following table which gives the demand and cost data for a price-setting firm:
A. $104 B. $107 C. $106 D. $105 E. $108