A point on the per-worker production function shows:
a. the total output produced by the labor force of an industry on the vertical axis for each level of capital per worker on the horizontal axis.
b. the marginal output per worker on the vertical axis for each level of worker per unit of capital on the horizontal axis.
c. the marginal output per worker on the vertical axis for each level of capital per worker on the horizontal axis.
d. the level of capital per worker on the vertical axis for respective average output per worker on the horizontal axis.
e. the average output per worker on the vertical axis for each level of capital per worker on the horizontal axis.
e
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Suppose the country of Popcorn produces only jets and corn. If Popcorn cannot produce any more jets without giving up corn, we say that Popcorn has achieved
A) the highest marginal benefit. B) production efficiency. C) the lowest marginal cost. D) the highest opportunity cost.
If hot dog vendors at baseball games want to maximize their total sales revenue, they will have to
A) be willing to experience reduced hot dog expenditure by baseball fans. B) set the price of their hot dogs so that the demand is unit elastic. C) sell as many hot dogs as they can, even if it means lowering price. D) raise their price, even if it means selling fewer hot dogs.
Scarcity limits the volume of goods that an economic system can produce but does not limit the production of services.
Answer the following statement true (T) or false (F)
The players in a two-person game are choosing between Strategy X and Strategy Y. If the second player chooses Strategy X, the first player's best outcome is to select X. If the second player chooses Strategy Y, the first player's best outcome is to select X. For the first player, Strategy X is called a
a. dominant strategy. b. collusive strategy. c. repeated-trial strategy. d. cartel strategy.