According to the table below, at what level of output is marginal cost minimized?QFCVC01,0000201,000350501,000700901,0001,0501251,0001,4001451,0001,7501601,0002,100
A. 160
B. 90
C. 50
D. 125
Answer: B
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A firm operating in a purely competitive labor market has the following marginal revenue product schedule.WorkersMRP1$24222320418516614712If the wage rate decreases from $17 to $13, by how much will the firm expand employment?
A. 5 workers B. 4 workers C. 3 workers D. 2 workers
If the opportunity cost of production rises as more of a good is produced,
a. the terms of trade will be independent of opportunity costs b. the production possibilities curve will be a straight line c. a country will specialize in producing only those goods in which it has a comparative advantage d. a country should produce any good in which it has an absolute advantage e. a country may not specialize completely in the goods in which it has comparative advantage
Asymmetric information in a transaction can result in:
A. moral hazard. B. a lemons problem. C. adverse selection. D. All of these statements are true.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, as the economy moves from Point E to Point A, the opportunity cost of hybrid cars, measured in terms of motorcycles
A. increases. B. initially increases, then decreases. C. decreases. D. remains constant.