Refer to the diagram, where variable inputs of labor are being added to a constant amount of property resources. Average variable cost will be at a minimum when the firm is hiring:
A. Q 3 workers.
B. Q 2 workers.
C. Q 1 workers.
D. more than Q 3 workers.
B. Q 2 workers.
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Which of the following cases was most important in arguing that the "public good" was best served by competition?
(a) Marbury v. Madison (1803) (b) McCulloch v. Maryland (1819) (c) Gibbons v. Ogden (1824) (d) Charles River Bridge v. Warren Bridge (1837)
An economic activity in which benefits or costs affect third parties is called
A) a public good. B) a third-party good. C) the exclusion principle. D) an externality.
Which of the following is most likely to benefit from government established price floors in agriculture?
A) large farm owners and corporate farms B) small farmers C) cattle ranchers D) low income farmers
If the annual interest rate is 0%, the net present value of receiving $550 in the next year is
a. $550 b. $551 c. $549 d. $500