List the four determinants of an economy's productivity
The four determinants are physical capital per worker, human capital per worker, natural resources per worker, and technological knowledge.
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Most unemployed low-skilled workers are ______.
a. between QD and QS
b. to the left of QD
c. to the right of QS
d. between 0 and QS
Refer to the above graph. It shows the cost curves for a competitive firm. At output level 20, the marginal cost is:
A. $0.90. B. $1.05. C. $1.20. D. $0.60.
For a perfectly competitive firm, at profit maximization
A) market price exceeds marginal cost. B) total revenue is maximized. C) marginal revenue equals marginal cost. D) production must occur where average cost is minimized.
A firm encountering economies of scale over some range of output will have a:
A. Rising long-run average cost curve B. Falling long-run average cost curve C. Constant long-run average cost curve D. Rising, then falling, then rising long-run average cost curve