The break-even quantity is
a. 1250
b. 625
c. 416.67
d. 500
a
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Which of the following statements is true about comparative advantage?
a. Comparative advantage exists whenever one person, firm, or nation can do something at higher opportunity costs than some other individual, firm, or nation. b. Comparative advantage is interesting theoretically, but it is not relevant when evaluating real-world economic conditions. c. Low income countries cannot possibly have a comparative advantage in the production of any good or service because of the relatively low literacy rate. d. Comparative advantage exists whenever one person, firm, or nation can do something at lower opportunity costs than some other individual, firm, or nation. e. Only technologically advanced economies can have a comparative advantage in the production of a good or service.
In the 1990s, inflation in many Latin American countries fell to about 10 to 15 percent per year, compared to previous rates of up to 1,000 percent a year in the 1980s. You would expect that as this occurred, the value of many Latin American currencies would:
A. have fallen more rapidly. B. not be affected. C. have fallen less rapidly. D. move unpredictably.
Which of the following will most likely cause an increase in the quantity of money demanded?
A. a decrease in nominal income B. an increase in nominal income C. a decrease in the interest rate D. an increase in the interest rate
Refer to the diagram. If labor is the only variable input, the marginal product of labor is at a:
A. maximum at point a.
B. minimum at point a.
C. maximum at point b.
D. minimum at point b.