If the marginal cost were $14, output would be
A. 1.
B. 2.
C. 3.
D. 5
D. 5
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What caused the major economic conflict between the North and the South immediately before the outbreak of the Civil War?
A. Agricultural development. B. Industrialization in the North. C. Trade barriers with England. D. All of the choices are true.
Classical unemployment can be caused by which of the following?
A. Minimum wage laws B. Bargaining by unions C. Efficiency wages D. All these create classical unemployment.
On average, electricians who work on dangerous high-voltage power lines earn more per hour than similarly skilled electricians who don't work on dangerous high-voltage power lines. The difference in pay is attributed to
a. the marginal product of labor. b. the marginal product of capital. c. diminishing marginal returns. d. a compensating differential.
Explain why even the most affluent people, businesses and counties never solve the problem of scarcity
What will be an ideal response?