Use the following table to answer the question below. Jake's Production Possibilities ScheduleJane's Production Possibilities SchedulePounds of Green BeansPounds of CornPounds of Green BeansPounds of Corn01600801012020602080404030406020400800Jane should specialize in the production of which good?
A. corn
B. green beans
C. both
D. neither
Answer: B
You might also like to view...
If a monopolistically competitive seller's marginal cost is $3.56, the firm will decrease its output if
A) its marginal revenue is less than $3.56. B) its marginal revenue is equal to $3.56. C) its marginal revenue is more than $3.56. D) its average total cost is equal to $4.00. E) Both answers B and D are correct.
Which of the following is TRUE concerning equilibrium in a monopsonistic factor market?
A) The firm uses the efficient level of the input but does not maximize profit. B) The firm maximizes profit but does not use the efficient level of the input. C) The firm maximizes profit and uses the efficient level of the input. D) The firm either maximizes profit or uses the efficient level of the input, but it cannot do both at the same time.
The theory that there is no predictable trends in securities prices is the
A) opportunity cost of capital. B) random walk theory. C) capital reinvestment. D) present value.
A smart phone would be considered:
A. a private good. B. a common resource. C. a public good. D. an artificially scarce good.