Monica grows coconuts and catches fish. Last year she harvested 1500 coconuts and 600 fish. She values one fish as having a worth of three coconuts. She gave Rachel 300 coconuts and 100 fish for helping her to harvest coconuts and catch fish, all of which were consumed by Rachel. Monica consumed the remaining fish and coconuts. In terms of fish, total consumption by both Monica and Rachel would equal
A. 700 fish.
B. 900 fish.
C. 1100 fish.
D. 2700 fish.
Answer: C
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Indicate whether the statement is true or false
Cross-sectional data observed at several points in time is known as:
A) time series data. B) panel data. C) experimental data. D) none of the above.
In the above figure, what is the AVERAGE variable cost of producing 5 units of output?
A. $20 B. $80 C. $60 D. $12 E. $40
One difference between the short run and the long run is that perfectly competitive firms:
A. always earn positive economic profit in the short run, but never in the long run. B. can earn positive, negative, or zero economic profit in the short run, but will earn zero economic profit in the long run. C. earn zero economic profit in the short run, but will earn positive economic profit in the long run. D. always earn more economic profit in the long run.