Refer to the data provided in Table 10.2 below to answer the following question(s).
Table 10.2 
Refer to Table 10.2. Diminishing returns to labor start with the ________ worker.
A. second
B. third
C. fourth
D. fifth
Answer: C
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Use the following table, which lists output quantities and prices for the only three goods in the economy, to answer the next question. The base year is 2007.YearHot DogsBaseballsBottles of Beer?PriceQuantityPriceQuantityPriceQuantity2005$2.50100$2.5050$1.0010020064.001005.001002.0015020075.001005.001002.0020020088.001508.002004.00200200910.0020010.002004.00250The Consumer Price Index for the year 2005 is
A. 150. B. 100. C. 50. D. 200.
Refer to the graph shown. If market price is currently $3.00 per unit, this perfectly competitive firm will maximize profit by producing:
A. 850 units of output. B. 650 units of output. C. between 550 and 650 units of output. D. 450 units of output.
The implicit cost of capital is:
a. the expense associated with leasing machines. b. the expense associated with buying machines. c. the opportunity cost of capital used by a business d. irrelevant for determining economic profit.
The responsiveness of quantity demanded of a good to changes in its price is the
A. cross elasticity of demand. B. price elasticity of demand. C. quantity elasticity of price. D. income elasticity.