If the output per acre of land triples, then the productivity of an acre of land
A. has been cut by two-thirds.
B. has been cut by one-third.
C. has tripled.
D. has increased.
C. has tripled.
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All along the beach in San Diego, California are shops which rent boogie boards for $3 per hour. Tourists perceive that all rental boogie boards are identical and there are no restrictions on entry and exit in the boogie board market
Suppose Surf's Up is a boogie board rental shop. To maximize profits, Surf's Up would produce a quantity where A) Marginal revenue is greater than marginal cost. B) Marginal revenue is equal to marginal cost. C) Marginal revenue is less than marginal cost. D) Price is maximized.
A person who is risk-neutral will
A) pay a small risk premium when making a choice. B) pick a slightly less risky option with a slightly lower expected value. C) pick the option with the highest expected value. D) None of the above.
If some firms internalize their external costs by being a cleaner and more "environmentally friendly" producers than other firms that do not, then which of the following offers the best and most complete description of this situation?
a. The environmentally friendly firm will be operating at a higher marginal and average cost than those firms that shift some costs to society in the form of external costs. b. In a long-run competitive equilibrium in which consumers do not distinguish between environmentally friendly and standard producers, the environmentally producers will receive negative economic profits and be forced to change or exit. c. Without regulations requiring firms to internalize their external costs, producers can only afford to be environmentally friendly if consumers reward them with a price premium. d. None of the above is correct.
Maximizing the benefits of a transaction made under a contract often requires specific investments that lose value if the parties fail to fulfill their commitments
Indicate whether the statement is true or false