Refer to Table 3.2, which shows some costs and benefits of having your car repaired. Suppose you use your car to deliver pizzas. If you earn $10 per hour delivering pizzas, what is the net benefit of 3 hours of car repairs?
A. $875
B. $1540
C. $905
D. There is not enough information to determine the net benefits.
A. $875
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Refer to Cost of Production. By comparing the two points on the expansion path, we can conclude that this technology exhibits
The following questions refer to the diagram below. The wage rate is assumed to be $12 per hour, the rental rate is assumed to be $6 per hour, and capital is assumed to be fixed in the short run at 10 hours.
a. decreasing returns to scale.
b. constant returns to scale.
c. increasing returns to scale.
d. zero returns to scale.
One of the requirements for a monopoly is that
A) products are high priced. B) there are several close substitutes for the product. C) there is a product with no close substitutes. D) the product cannot be produced by small firms. E) there is no barrier to entry.
Why do environmentalists worry about faster economic growth? Economists concede that faster growth is not always better. Why?
National health care programs are not as effective as they could be because:
A. patients are not receptive to utilization of modern medicine in most nations. B. many doctors in clinics do not have sufficient knowledge to properly diagnose patients. C. traditional Western medicine is largely untrusted in most parts of the developing world. D. health care providers tend to have a high absentee rate.