An increase in population can be expected to
a. increase the marginal product of land.
b. decrease the supply of land.
c. decrease the rents on land.
d. decrease the demand for land.
a
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High Tech, Inc. produces plastic chairs that sell for $10 each. The following table provides information about how many plastic chairs can be produced per hour. Number of WorkersChairs Produced Per Hour00110218324428530For simplicity, assume that labor is the only input. How many workers will be hired if the hourly wage for workers is $50?
A. 5 B. 3 C. 2 D. 1
The paradox of value can be resolved by distinguishing between
A) quantity demanded and quantity supplied. B) supply and quantity supplied. C) normative and positive statements. D) total utility and marginal utility.
Short-run costs are never equal or lower than long-run cost
Indicate whether the statement is true or false
The fundamental source of monopoly power is
a. barriers to entry. b. profit. c. decreasing average total cost. d. a product without close substitutes.