Which of the following does not explain why specialization increases output?
A. Specialization capitalizes on differences in ability.
B. Specialization fosters learning by doing.
C. Specialization promotes self-sufficiency and independence.
D. Specialization saves time by eliminating shifting between tasks.
Answer: C
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In Figure 8-5, the firm’s marginal profit at the profit maximizing output level
A. is 10. B. is 35. C. is 0. D. cannot be determined from the diagram.
The above figure shows the cost curves for a typical firm in a competitive market. If p = 10, then
A) the firm will maximize its profit by producing 5 units. B) the firm will maximize its profit by producing 60 units. C) producing 5 or 60 units will yield equal profits. D) Not enough information.
Assume the demand for sugar decreases and the supply of sugar increases. Which of the following outcomes is certain to occur?
A. The equilibrium price of sugar will rise. B. The equilibrium quantity of sugar will rise. C. The equilibrium quantity of sugar will fall. D. The equilibrium price of sugar will fall.
It is generally true that massive increases in the minimum wage help workers that keep their jobs more than it hurts workers that lose their jobs.
Answer the following statement true (T) or false (F)