The total factor productivity of railroads increased dramatically in the antebellum period. All of the following factors are responsible for the increase in productivity except:
a. standardization of the gauge of railroad tracks.
b. the introduction of refrigerated railroad cars.
c. increased size of railroad cars.
d. increased use of existing capital.
b. the introduction of refrigerated railroad cars.
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A firm should consume physical capital until:
A) the value of the total product of physical capital equals the price of physical capital. B) the value of the average product of physical capital equals the price of physical capital. C) the value of the marginal product of physical capital equals the price of physical capital. D) the value of the marginal product of physical capital equals the value of the marginal product of labor.
A price discriminating firm will tend to charge a ________ price for the category of customer with the ________ elasticity of demand
A) higher; higher B) higher; lower C) lower; lower D) 100 percent markup; infinite
The market demand for a good is determined by horizontally summing the demand curves of individual consumers
Indicate whether the statement is true or false
What is the shape of the average fixed cost curve for a firm in the short run?
a. U-shaped. b. A curve that constantly increases as output expands and eventually approaches infinity at high rates of output. c. A vertical line. d. A curve that declines as output expands and approaches the horizontal-axis when output is large.