Refer to the information provided in Figure 1.7 below to answer the question(s) that follow.
Figure 1.7Refer to Figure 1.7. If a 45-degree line were also graphed, it would ________ the line shown on the graph.
A. cross
B. lie above
C. lie below
D. The answer is indeterminate from this information.
Answer: B
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When will a wage increase cause a firm to produce more output in the long run?
a. Always. b. When labor and capital are complements in production. c. When labor is a regressive factor. d. Never.
Indifference curves close to the origin are ________ those farther from the origin because of ________
A) better than; transitivity B) worse than; nonsatiation C) better than; completeness D) worse than; transitivity
What is the cost of production at the number of units where the company is indifferent between the two technologies?
a. $750 b. $850 c. $950 d. $1050
Suppose the first hour of study today will allow you to answer 10 correct questions in tomorrow's exam. After the first hour, the marginal benefit of each additional hour of study is reduced by 2 (meaning if you study 2 hours today your total number of correct responses tomorrow will be 18 and if you study 3 hours it will be 24 and so on). If the costs of studying each additional hour are zero, how many hours you should study?
A. 0 B. 6 C. 10 D. 18