The typical 50-year-old male earns approximately ____ as a male in his early 20s
a. twice as much
b. the same
c. half as much
d. 1/3 as much
a
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The figure above provides information about Light-U-Up Utilities, which is a natural monopoly that provides electricity
If Light-U-Up is regulated and must follow an average cost pricing rule, it will produce ________ and sell at a price of ________. A) 200 kwh; 30¢ per kwh B) 200 kwh; 25¢ per kwh C) 300 kwh; 20¢ per kwh D) 400 kwh; 15¢ per kwh
Suppose a gardener produces both tomatoes and squash in his garden. If he must give up 8 bushels of squash to get 5 bushels of tomatoes, then his opportunity cost of 1 bushel of tomatoes is
a. 0.63 bushels of squash. b. 1.6 bushels of squash. c. 3 bushels of squash. d. 5 bushels of squash.
Suppose an economy produces only smart phones. If the price level falls, the value of currency
a. rises, because one unit of currency buys more smart phones. This is called deflation. b. rises, because one unit of currency buys more smart phones. This is called inflation. c. falls, because one unit of currency buys fewer smart phones. This is called deflation. d. falls, because one unit of currency buys fewer smart phones. This is called inflation.
A firm with market power will maximize profit by hiring the amount of an input at which the
A. last unit of the input hired adds the same amount to total output as to total cost. B. additional output from the last unit of the input hired exceeds the additional cost of the last unit by the largest amount. C. additional revenue from the last unit of the input hired exceeds the additional cost of the last unit by the largest amount. D. last unit of the input hired adds the same amount to total revenue as to total cost.