The owners of the resource ________ are paid ________
A) land; wages
B) labor; profit
C) capital; rent
D) capital; interest
E) entrepreneurship; wages
D
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Since only a few firms dominate the oligopoly market, cutthroat competition does not exist
a. True b. False Indicate whether the statement is true or false
Refer to the information provided in Table 6.1 below to answer the question(s) that follow. Table 6.1Number of Hamburgers per DayTotal UtilityMarginal Utility130?252?367?476?5?4Number ofSodas per DayTotal UtilityMarginal Utility120?235?347?457?5?7Refer to Table 6.1. The total utility of five sodas per day is
A. 35. B. 64. C. 92. D. indeterminate from this information.
Which of the following is a normative question?
A. What will happen to gasoline consumption if the federal tax on gasoline is eliminated? B. How will oil exploration be affected if the government subsidizes oil producers? C. To reduce the regressive nature of the gasoline excise tax, should the portion of the gasoline excise tax paid by high-income individuals be increased? D. Why do gasoline prices increase between Memorial Day and Labor Day?
Refer to the information provided in Table 13.4 below to answer the question(s) that follow. Table 13.4Price ($)Quantity20.00118.00216.00314.00412.00510.006 8.007Refer to Table 13.4. If a monopoly faces the demand schedule given in the table and has a constant marginal and average cost of $8 per unit of providing the product, then the monopoly maximizes its profits by charging ________ per unit and selling ________ units of output.
A. $10; 6 B. $18; 2 C. $14; 4 D. $12; 5