If 100% of individuals in a group are required to agree before an action can take place then _____
a. external costs will be high
b. we cannot determine the level of external costs without additional information
c. external costs will be zero
d. external costs will be low
c
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If the elasticity of demand for peaches is 1.76 and the elasticity of demand for apples is 1.59, then consumers are
A) more sensitive to a change in the price of peaches than they are to a change in the price of apples. B) less sensitive to a change in the price of peaches than they are to a change in the price of apples. C) more sensitive to a change in the quantity of peaches than they are to a change in the quantity of apples. D) less sensitive to a change in the quantity of peaches than they are to a change in the quantity of apples.
At Albert's Pretzel Company, MPL = 1/L, and MPK = 1/K. The isoquant for 100 pounds of pretzels daily is shown in the above figure
Albert minimizes the cost of producing 100 pounds of pretzels daily by hiring 5 units of labor and 10 units of capital when w = 50 and r = 25. When r rises to 100, what is the minimum cost of producing 100 pounds of pretzels daily in the short run? in the long run?
According to Fred Bateman and Thomas Weiss, in terms of industrial capacity in 1860, value added in manufacturing was close to _____ in the North, and _____ in the South
a. $500 million; $500 million b. $750 million; $500 million c. $1 billion; $400 million d. $1.6 billion; $193 million
Comparing how many dollars it takes to attend college each year to annual earnings on a job represents the use of money as a:
a. medium of exchange. b. unit of account. c. store of value. d. store of coincidence.