Which of the following is not classified as a final good?
A. A new car purchased by a family
B. A new machine purchased by a business
C. New clothing purchased by a college student
D. Fresh vegetables purchased by a restaurant
Answer: D
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Profit functions are homogeneous of degree:
a. zero in input and output prices. b. zero in input prices. c. one in input and output prices. d. one in input prices.
When the economy experiences a bust, the government knows exactly which policies will spur an economic recovery
a. True b. False Indicate whether the statement is true or false
Refer to the data. At what level of output is minimum efficient scale realized?
Use the following data to answer the question. The letters A, B, and C designate three successively larger plant sizes.
A. 30.
B. 40.
C. 50.
D. 60.
At the point where a firm incurs diminishing marginal returns, total product will begin to decline
Indicate whether the statement is true or false