Lectures in microeconomics can be delivered either by an instructor (labor) or a movie (capital) or any combination of both. Yet the it gets harder and harder to substitute more movies for an instructor the more movies are already used
Which graph in the above figure best represents the isoquants for lectures in microeconomics when Capital per day is on the vertical axis and Labor per day is on the horizontal axis? A) Graph A
B) Graph B
C) Graph C
D) Graph D
B
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Financial assets that represent the partial ownership of a firm and ability to share in its profits are called:
A. equities. B. debt certificates. C. intermediaries. D. credit risks.
Which of the following is correct? Using data from 2014,
a. immigrants (both legal and illegal) make up about 40 percent of the U.S. population. b. low-skilled immigration lowers the earnings of all workers in the United States by about 15 percent. c. illegal immigrants make up about 20 percent of the U.S. workforce. d. over 80 percent of immigrants are from Latin America and Asia.
Suppose the cost of insecticide (a variable input) decreases for broccoli farmers. In order to maximize profits, ceteris paribus, broccoli farmers should
A. Increase output. B. Keep output the same since the market price did not change. C. Increase prices. D. Decrease output.
Sulfur Dioxide Discharged (Tons)Firm AFirm B10$10,000$12,000911,00017,000813,00022,000716,00026,000620,00033,000Table 16.4Table 16.4 shows the production cost for two utilities at different levels of sulfur dioxide emissions. Assume that the government issued 8 marketable pollution permits to each firm. If Firm B wants to purchase a second permit to be able to discharge 10 tons of sulfur dioxide, what is Firm B's willingness to pay?
A. $2,000 B. $3,000 C. $4,000 D. $5,000