Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The marginal rate of transformation in moving from Point A to Point B is
A. -2/3.
B. -1.5.
C. -3.
D. -30.
Answer: B
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Suppose a perfectly competitive market is in long-run equilibrium. If there is a permanent increase in demand,
A) at least in the short run, some firms will increase their output. B) at least in the short run, the price will increase initially. C) new firms will enter the market. D) All of the above answers are correct.
Which of the following is an essential part of the market mechanism?
A. Changing relative prices B. Constant prices C. Falling average prices D. Rising average prices
Because of the automatic stabilizers, a decline in the level of economic activity will cause:
A. a reduction in tax revenues collected. B. a reduction in government expenditures. C. a greater budget surplus. D. Congress to vote for a tax cut.
Refer to the above table. Given the demand and cost schedules, what is the profit maximizing quantity for this monopolist?
A. 24 B. 23 C. 21 D. 20