In the above figure, Jill's opportunity cost of producing 1 gallon of bottled water is ________ of soda
A) 4 gallons
B) 1/4 of a gallon
C) 1 gallon
D) 1/2 of a gallon
E) 2 gallons
C
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The following is an example of adverse selection
a. A majority of those applying for well paid jobs are well qualified b. More reckless drivers opt for cars with fewer safety devices c. Individuals living in less secure neighborhoods want to buy more insurance d. Individuals with a strong family history of heart diseases opt to buy less insurance
Beyond the point of efficient scale, marginal cost pulls the average total cost upward
a. True b. False Indicate whether the statement is true or false
The empirical evidence finds that large downward movements in wages are ________.
A. extremely rare B. common in some industries but not others C. very common D. common only in Europe
Marginal product and average product are measured in
A) dollars. B) profit terms. C) units of production. D) the same units as marginal cost and average total cost.